dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

Reverse Mortgages for Co-ops?

HSH.com

Q: Do you know of any lenders that will do a reverse mortgage for an owner of a cooperative apartment in Manhattan, NY?

A: With the financial markets still a long way from normal, many mortgage lenders abandoned their proprietary reverse mortgages, leaving the FHA-backed HECM perhaps the only offer available in the market. HECMs do not appear to be available yet for co-operative apartments, so you will need to check with major lenders such as Wells Fargo or Citibank to see if they are even offering in-house reverse mortgages. Bank of America recently exited the reverse mortgage arena, but there may also be outlets like MetLife Bank to consider, too.

More help from HSH.com

  • The salary you must earn to buy a home in 27 metros

    Here’s how much salary you would need to earn in order to afford the median-priced home in your metro area.
  • Can I separate tax and insurance payments from my mortgage payment?

    It may or may not be possible for you to take on the responsibility
  • HSH.com on the latest move by the Federal Reserve

    The Federal Reserve concluded a meeting today with no change to the federal funds rate and no changes to other monetary policy tools.
  • Advantages of a FHA mortgage in 2017

    FHA loans became more affordable in 2016, thanks to a drop in the annual mortgage insurance premium that the Federal Housing Administration charges. More cost reductions may be on the way in 2017, too.
  • Streamline Refinance Program to Replace HARP

    The HARP refinance program for troubled or underwater homeowners will come to an end in 2017, but a new streamline refinance program will takes its place.