Reverse Mortgage Lender Triplex

LET LENDER DETERMINE REVERSE MORTGAGE ELIGIBILITY

DEAR BOB: My wife and I, in our 70s, are considering a reverse mortgage. We own a free-and-clear condo worth about $500,000. However, it is in a small complex of only three units. We have been told our unit won't qualify for a reverse mortgage. Is this true? --Gene B.

DEAR GENE: I suggest you consult a representative who handles FHA, Fannie Mae, and Financial Freedom Plan reverse mortgages to see if your situation qualifies with any of these lenders. Generally, Financial Freedom Plan is the most flexible.

Source: Bob Bruss

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