Condo Reverse MortgageGet information on how you can get a reverse mortgage for your condo. Borrowers are required to complete a counseling session first to understand the pitfalls of a reverse mortgage. For example, there are a points to consider if your spouse is not over 62 and you absolutely need a reverse mortgage such as getting enough life insurance coverage to pay off the mortgage in the event that the borrower passes away so the spouse may continue living in the same property.
Condo RequirementsQualifying for a condo reverse mortgage is a harder than a single family property that is detached. The condo board must have at least 10% in reserves.
- 62 years or older
- Senior must complete one educational reverse mortgage/HECM course.
cfbreversemortgages.com is not related to CFB at: 3725 Old Court Road Pikesville, MD 21208