Maybe the nice folks over at FHA like listening to Dua Lipa songs…
“I got new rules, I count ‘em” LOL
A new FHA guideline (effective Oct. 15th) makes it possible for seniors to get a reverse mortgage on their individual condo unit even if the building or association is not FHA approved!
The Importance of Condos to Senior Living
Condos are an incredibly important senior housing option.
They’re generally smaller than the traditional family home and require less maintenance. Studies also show they’re more affordable, which is one of the main reasons FHA is making these sweeping changes.
Condos make good sense for seniors both financially and from a comfort standpoint, and this new rule makes it easier for seniors to age “in place” at home rather than having to consider assisted living.
Single Unit Eligibility
If you’ve ever tried to secure mortgage financing on a condo, you may recall that the condo development must meet certain criteria for an individual unit to qualify for a loan.
That rule is also changing.
The new FHA guideline talks about “single unit approval” and opens the doors for many senior condo owners in buildings that may not have qualified in the past.
This is especially important in markets like New Orleans where many developers struggle with condo rules as they convert apartment buildings over to condos.
The fact is, most condo associations are NOT FHA approved, so this change has a potentially big impact for our clients.
Help Us Spread the Word
If you have clients or people in your network living in condos or considering a condo as a retirement option, let’s talk.
These new guidelines are opening up a whole set of new options to seniors and we want to make sure they know all about these important benefits ahead of time!