Reverse mortgages and condos
Is it much more difficult to procure a reverse mortgage for a condo unit. I understand a lot of the lenders have some much tighter standards to put you up against relative to the number of units, the number that already have reverse mortgages on them, the finances of the home owners association relative to reserve fees and accounts, the rate of delinquency of homeowners fees etc. I have no children, own my condo free and clear and it is worth about 400k. I am married and all the calculators give me approx. 220k tax free at age 62 (I am 46). I always thought that for someone without heirs (I have nephews and nieces but they will not be prominent in my mind when financing our retirement), the reverse mortgage with both spouses as party to the loan in a home you intend to stay in for life would make a great inflation "bump"/offset to my portfolio. Any real world recent experience on condos and reverse mortgages? I probably won't find RM's very popular here I am guessing?? Thanks.