Reverse Mortgages for Condominiums

You can use a reverse mortgage for a condominium, but the condo project typically must be FHA-approved for a HECM loan. If the project is not FHA-approved, you may be able to use a Single-Unit Approval (SUA) or opt for a proprietary reverse mortgage.

FHA Approval Process

The FHA requires condo associations to meet specific financial and structural guidelines. If your building is not approved, we can help determine if it qualifies for Single-Unit Approval.

A reverse mortgage is a loan secured by the home. Borrowers remain responsible for taxes, insurance, property maintenance, and complying with loan terms.