Re: Reverse Mortgages [Petition for FHA & Other FHA refusals]
From: Sharon Villines (
Date: Sun, 30 Mar 2014 09:25:58 -0700 (PDT)
On Mar 30, 2014, at 12:12 PM, R Philip Dowds <rpdowds [at]> 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 Villines, Washington DC
"We are confronted with insurmountable opportunities." Walt Kelly

Results generated by Tiger Technologies Web hosting using MHonArc.