Comments on: HUD Updates Condo Approval Process For Reverse Mortgages http://reversemortgagedaily.com/2009/06/15/hud-updates-condo-approval-process-for-reverse-mortgages/ Reverse Mortgage News and Information Fri, 10 Feb 2012 19:11:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Fredie Crutchfield (Ms) http://reversemortgagedaily.com/2009/06/15/hud-updates-condo-approval-process-for-reverse-mortgages/comment-page-1/#comment-31973 Fredie Crutchfield (Ms) Tue, 16 Jun 2009 15:48:16 +0000 http://reversemortgagedaily.com/2009/06/15/hud-updates-condo-approval-process-for-reverse-mortgages/#comment-31973 I am happy to know that FHA/HUD has approved condominium reverse mortgages thru Sect. 203(b). I now hope that we will get approval for REINSTATEMENT of reverse mortgages for seniors owning co-ops in NYC. Now, especially due to escalating food, RX, taxes and maintenance fees, we could use a boast. We have owned our co-ops many years, now having 100% equity due to no mortgage. A reverse mortgage would make a senior self-sufficient by utilizing equity. Please, I ask all who live in a NYC cooperative and can benefit from a reverse mortgage to contact your legislators. Send a note requesting that they work diligently to present a revision of the laws needed to allow REINSTATEMENT OF NYC REVERSE MORTGAGES FOR SENIORS LIVING IN COOPERATIVES. I am happy to know that FHA/HUD has approved condominium reverse mortgages thru Sect. 203(b). I now hope that we will get approval for REINSTATEMENT of reverse mortgages for seniors owning co-ops in NYC. Now, especially due to escalating food, RX, taxes and maintenance fees, we could use a boast.
We have owned our co-ops many years, now having 100% equity due to no mortgage. A reverse mortgage would make a senior self-sufficient by utilizing equity.
Please, I ask all who live in a NYC cooperative and can benefit from a reverse mortgage to contact your legislators. Send a note requesting that they work diligently to present a revision of the laws needed to allow REINSTATEMENT OF NYC REVERSE MORTGAGES FOR SENIORS LIVING IN COOPERATIVES.

]]> By: Silence Dogood http://reversemortgagedaily.com/2009/06/15/hud-updates-condo-approval-process-for-reverse-mortgages/comment-page-1/#comment-31966 Silence Dogood Tue, 16 Jun 2009 14:26:39 +0000 http://reversemortgagedaily.com/2009/06/15/hud-updates-condo-approval-process-for-reverse-mortgages/#comment-31966 "ML 2009-19 immediately eliminates the spot condo approval process" - quothe the admin. We agree with thou that the ML reads "immediately upon issuance", not upon effective date of the ML. However, with an abundance of caution, we reached out to two sources at HUD, who gave us a different response to our query. So how doest thou read "effective upon issuance"? Sounds to us as if Spots have passed on, effective NOW. Comments? “ML 2009-19 immediately eliminates the spot condo approval process” – quothe the admin.

We agree with thou that the ML reads “immediately upon issuance”, not upon effective date of the ML. However, with an abundance of caution, we reached out to two sources at HUD, who gave us a different response to our query.

So how doest thou read “effective upon issuance”? Sounds to us as if Spots have passed on, effective NOW.

Comments?

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