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If you're considering an ARM, you'll want to check out HSH's comprehensive Guide to Adjustable Rate Mortgages.

If you're considering an ARM, you'll want to check out HSH's comprehensive Guide to Adjustable Rate Mortgages.

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)
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