X

The new conforming loan limits for 2022 have been announced, an increase of more than 18% over 2021, and up by more than 52% since 2017!

The new conforming loan limits for 2022 have been announced, an increase of more than 18% over 2021, and up by more than 52% since 2017!

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.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Submitting your question...

Question received! Check back later to see if your
question gets published.

Q: What is the cost of getting a mortgage loan?
NOV 11, 2021
A:

 Costs and fees can vary depending upon lender policies and certain of the choices you make when you get your loan...

Read More
Q: What is the down payment required to get a mortgage these days?
NOV 03, 2021
A:

A: While some 100% financing may be available...

Read More
Q: Are reverse mortgage interest rates fixed or variable?
NOV 03, 2021
A:

If you are a homeowner age 62 or older and have equity in your home, you may be considering a reverse mortgage as a way to boost your retirement income.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen