I got a call today from a very fun 85 year old Roy in Phoenix who currently lives in a mobile home that was built pre-1976 — which means that his property is not eligible for any of the FHA insured loan programs.
He was interested in learning more about reverse mortgage options other than the FHA HECM reverse mortgage option becasue he knew that he couldn’t get an FHA insured loan due to the date that his home was built.
“Can you get any other kind of reverse mortgage besides an FHA reverse mortgage?” he asked.
So I hung up the phone and start looking around by calling the various wholesale lenders we work with.
And I kept looking.
And… well… pretty much found out that currently there isn’t really such a thing as a reverse mortgage option for a senior who doesn’t fit into the FHA reverse mortgage guidelines.
At least not in today’s mortgage world.
If anyone knows of anything different, please let me know!