Property Types Allowed for Reverse Mortgages by Seniors and Retirees

Acceptable property types for reverse mortgages
Acceptable property types for reverse mortgages

A Reverse Mortgage can be a great financial tool in today’s 62 and older population, allowing seniors to live a well deserved, comfortable life in the home they choose.  When choosing the home to be financed with a reverse mortgage, there are restrictions on which type of homes could be financed.

Eligible Property Types for Reverse Mortgages:

  • Single family homes
  • Planned Unit Developments (PUD’s)
  • Two to four unit properties (one unit must be owner occupied)
  • HUD-Approved Condos – Look up HUD approved condos here
  • Manufactured homes built after June 15, 1976 with approved foundations

Ineligible Property Types for Reverse Mortgages:

  • Co-ops
  • Second or vacation homes
  • Boarding houses
  • Bed and breakfasts
  • Manufactured homes built prior to June 15, 1976 or on leased land

If you have questions about Reverse Mortgages, Contact Team Move today.

Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC.  North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.

Written By: Russell Smith