Cohousing-L Mailing List: Re: Reverse Mortgages in Cohousing

[Katie Henry (katie-henry]

At Heartwood Commons - Tulsa, four of our members bought their homes with 
reverse mortgages. 


I'm not aware of any particular risk to the community associated with reverse 
mortgages. It seems risks would be the same as with cash or other financing - 
will/probate complications, unable to sell, unable to pay HOA dues, unable to 
maintain property, etc. - and the recourse would be the same. Hope we didn't 
overlook a possible complication.


Getting FHA approval for the project to be eligible for a reverse mortgage was 
a time-consuming chore with lots of paperwork, if you haven't done that. We 
just completed the process a few months ago and we're happy to share our 
experiences. 


Katie Henry
Heartwood Commons - Tulsa
https://www.heartwoodcommonstulsa.com/
Where the daffodils and tulips are fading and the rhododendrons are in full 
bloom. 


Four two-bedroom units available, from the low $400's.