Welcome to the latest blog post from Ventana Home Loans, where we bring clarity to your mortgage-related queries. I’m Lori Cable, and in this week’s installment of our Monday Q&A series, we’re tackling an essential topic for prospective reverse mortgage borrowers: understanding which types of properties are eligible for a reverse mortgage.

The Essentials of Property Eligibility:
When considering a reverse mortgage, it’s vital to know whether your property type qualifies.

Here’s a breakdown of the eligible property types:

• Single-Family Residences: The most common type of property eligible for reverse mortgages.
• Multi-Unit Properties: This includes duplexes, triplexes, and fourplexes, offering an excellent opportunity for homeowners who also earn rental income.
• Manufactured Homes: Eligibility extends to single and double-wide manufactured homes, with a key condition being that they must have been built after June 15th, 1976.
• PUDs and Condos: Planned Unit Developments (PUDs) and condominiums can also qualify. However, it’s important to note that condos generally need to be FHA approved, though there are exceptions with single unit approvals.

Getting the Details Right:
Understanding these guidelines is just the first step. Each property type has its specific criteria and requirements that must be met. For instance, with manufactured homes, the date of construction is a crucial factor. Similarly, the FHA approval process for condos can be a deciding factor in their eligibility.

Need More Information?

If you have further questions or need detailed information tailored to your situation, feel free to reach out to us at info@ventanahomeloans.com. Our team is always ready to provide the guidance you need.

Closing Thoughts:
A reverse mortgage can be a powerful tool in managing your financial health during retirement, but it begins with understanding the basics, like property eligibility.