Condo Residents Urge FHA to Ease Rules on Reverse Mortgages

It has been nearly one month to the date since the Federal Housing Administration proposed new rules that could make it easier for condo-dwelling seniors to obtain reverse mortgages. With the public comment period underway, various stakeholders are voicing their support for the pending proposals.  The 43-page proposed rule introduced late September includes a provision that would allow individual condo units to become eligible for FHA financing even if the entire complex is not agency certified—a move that is reminiscent of the agency’s former “spot approvals” process.    Read the article………….

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