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 the 50 largest metros

    Here’s how much salary you would need to earn in order to afford the median-priced home in your metro area.
  • HSH.com on the latest move by the Federal Reserve

    The Federal Reserve concluded a meeting today, raising the federal funds rate; the target range for the key policy tool is now 1.5 to 1.75 percent.
  • Home price recovery index: Which metros have improved the most, least?

    Have home prices in your area fully recovered from the declines suffered during the Great Recession, or are they still struggling to make it back to the peak it reached before the crisis?
  • How long do I have to own or live in my home to qualify for the capital gains tax exclusion when I sell?

    You can exclude capital gains on the sale of your primary residence if you meet the IRS's ownership and use requirements.
  • 10 metros where a home costs about $1,000/month

    HSH.com identifies 10 metro areas where you can afford the principal, interest, taxes and insurance payments on a median-priced home for only around $1,000 per month.