Reverse Mortgages for Co-ops?
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.