Co-op Residents Deserve Reverse Mortgages, Too!
If you’re 62 or older and own your own private home or certain approved condominium – and want money to pay off your mortgage, supplement your income or pay for healthcare expenses – you may be able to consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home. BUT, if you are co-op owner this valuable resource is NOT available to you. This is because of the current guidelines set by the Department of Housing and Urban Development and the concomitant New York State banking regulations do not include co-op owners in the classification of those who may apply
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