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Posted by dahanos 3 years ago In:

dahanos
dahanos Asked:

Why is it required tobe 51% owner occupancy for condo reverse mortgage

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rainmand
rainmand Answered:

That rule is for all FHA-insured mortgages, not just Reverse Mortgages.

HUD feels renters don't take the same level of care of the property they're renting, compared to non-renters.  So when you get too many renters, the condo won't retain the same value.

Reverse Mortgage Specialist
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