Can I get a HECM reverse mortgage if my personal residence needs repairs?
Yes. Just like the standard FHA 203 rehab loan, FHA offers a reverse rehab loan. Get an estimate and enter into a fixed fee contract with a general contractor. If the repairs needed are no more than 15% of the value of the home, the repairs can be done after closing and paid for out of the reverse mortgage.
It is easier to get a HECM rehab refinance than to get a HECM rehab purchase loan. This will be discussed on a separate page.
It is easier to qualify for a HECM involving repairs than a regular FHA rehab loan because the borrower does not have to prove a high income ratio.
Can I use a HECM to buy or refinance a condo? Yes, if the condo as a whole meets FNMA Standards. Read.
Sincerely,
James Robert Deal
Real Estate Attorney & Real Estate Managing Broker
James@JamesDeal.com
PO Box 2276 Lynnwood WA 98036
Law Office Line: 425-771-1110
Broker Line: 425-774-6611
Cell & Text Line: 425-670-1405 (better to send email)
KW Everett Office Line: 425-212-2007
Fax: 425-776-8081
Flat fee payable at closing.
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