Learn when condos qualify for a HECM — FHA project approval, primary residence rules, HOA dues, and common eligibility snags.
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Many condominiums can support a HECM — but the project must meet FHA standards, the unit must be your primary residence, and HOA dues stay part of your ongoing obligations.
Borrower eligibility alone is not enough on a condo. For a HECM, FHA looks at the condominium project — ownership mix, insurance, reserves, litigation, and related criteria — in addition to the individual unit appraisal and your financial assessment.
The condo must be your principal residence. HOA dues are property charges you must keep current along with taxes and hazard insurance. Delinquency can trigger default even when no monthly P&I is due on the HECM itself.
Ryan and Steve verify project eligibility early, then illustrate proceeds against your equity and age. If a HECM project path is blocked, a proprietary (jumbo) reverse may be worth comparing when available.
Catch these before counseling and appraisal spend.
Project first, then proceeds.
Step
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Ryan & Steve will check project eligibility and illustrate proceeds — not a commitment to lend; subject to credit and property approval.