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FHA loosens condo eligibility requirements for reverse mortgages

Aug 14, 2019By

The Federal Housing Administration has finally issued a long-awaited update to its condominium rules, announcing Wednesday that it will allow individual unit approval and is taking other steps that will eliminate barriers for condo owners who want to take out a reverse mortgage. In all, the revised rule will drastically enhance the number of condo owners who have access to HECM financing.