For several years, residents and realtors have wanted the Third Mutual association to apply for FHA approval so that FHA loans would be available in Laguna Woods for purchases and refinances. Additionally, FHA approval would mean that reverse mortgages would be available to seniors in Laguna Woods who want to use some of their home equity for expenses, improvements, travel, or improving their lifestyle. To date, Third Mutual has absolutely have refused to pursue the FHA approval, even though it would be overwhelmingly beneficial for residents.
Fortunately, there are other lenders who offer reverse mortgages that don't require FHA approval. Yes, that means that if you have a condo in Third Mutual in Laguna Woods, and have equity, you may be able to tap into that equity with a reverse mortgage to get funds for expenses, remodeling, travelling, or for whatever purpose you want to use the money for. It is your equity, and you decide.
If you want to learn more about obtaining a reverse mortgage, please contact me for more information.
Barbara Gilbert, Esq
Pacific Sun Real Estate