Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] | <– Date –> <– Thread –> |
From: Sharon Villines (sharonsharonvillines.com) | |
Date: Sun, 30 Mar 2014 09:25:58 -0700 (PDT) |
On Mar 30, 2014, at 12:12 PM, R Philip Dowds <rpdowds [at] comcast.net> wrote: > /as a sidebar … I am aware of situations where cohos, or select members > thereof, contribute money to a household in exchange for a mortgage on the > unit; the money returns to the lender upon the sale of the unit. This is a > certainly a way that cohos can become, in effect, their own bankers, and > escape the strictures of FHA-insured lending. For reverse mortgages, maybe > pestering the FHA is more trouble than it’s worth. Our bylaws allow for this. It is worded as if it covers only condo fees but I think we could extend it. We also have one member who has loaned money with a written agreement. I also think that one household made special mortgage arrangements so another household could buy the much larger unit for their growing family. This was a private negotiation (if it occurred at all.) Several of our members also counseled young partners who were renting on how to arrange the purchase of a unit. Sharon ---- Sharon Villines, Washington DC "We are confronted with insurmountable opportunities." Walt Kelly
- Re: Petition for FHA & Other FHA refusals, (continued)
- Re: Petition for FHA & Other FHA refusals Patricia Lautner, March 29 2014
- Re: Petition for FHA & Other FHA refusals David L. Mandel, March 29 2014
- Reverse Mortgages [Petition for FHA & Other FHA refusals] Sharon Villines, March 30 2014
- Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] R Philip Dowds, March 30 2014
- Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] Sharon Villines, March 30 2014
- Re: Reverse Mortgages [Petition for FHA & Other FHA refusals] Patricia Lautner, March 30 2014
- Voluntary Contributions Kathryn McCamant, March 31 2014
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