Selling Low Interest Loan ? (rate, mortgage, get)

[finewbie]

This post mostly is an inquiry.
We have low interest rate 3.25 loan, secured by home. We can't get Reverse Mortgage since the unit is a condo, so try to see if there is a private RM on the market. We are aging here, will not move till to the end, we have ss, and other fund, just want to get mortgage off back.

[ServoMiff]

Originally Posted by finewbie

This post mostly is an inquiry.
We have low interest rate 3.25 loan, secured by home. We can't get Reverse Mortgage since the unit is a condo, so try to see if there is a private RM on the market. We are aging here, will not move till to the end, we have ss, and other fund, just want to get mortgage off back.

Condos can be eligible for RM if the property is FHA approved, and recent law changes make it easier for condo boards to achieve FHA approval. You may need to petition your board to seek this approval if it hasn't been already. However, if your condo has a co-op ownership structure, then you likely are out of luck.

Also, recent changes from the President has added additional fees to RMs, making them significantly less attractive for Single-Family Homeowners as well, so the product is basically dying a slow death at this point.

[finewbie]

Thanks for valuable info. You are a very informative poster. After a long discussion today, our child decides to provide Private RM, which is best for both sides!