Re: Reverse Mortgages [Petition for FHA & Other FHA refusals]
From: Patricia Lautner (lautnerpjpcohousing.org)
Date: Sun, 30 Mar 2014 09:46:57 -0700 (PDT)
 >/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.

During development some members of JPCohousing (Boston) donated money to an
Affordability Fund.  Administrators of the fund lent the money to help
qualifying new members with their down payment.  Over time, the original
lenders were paid back and now the HOA administers the fund.  We were
successful in helping 4 low/mod households buy their homes with this fund.

Patti

JPCohousing
www.communitasdevelopment.com



On Sun, Mar 30, 2014 at 12:25 PM, Sharon Villines <sharon [at] 
sharonvillines.com
> wrote:

>
>
> 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
>
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