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 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. At this time, reverse mortgage are only available for condos, and not for co-ops.
There is no cost to inquire about reverse mortgage eligibility. The mortgage amount that you may be qualified for will depend on the appraised value of your property and your age. If you want to learn more about obtaining a reverse mortgage, please contact me for more information. I look forward to meeting you.
Barbara J. Gilbert, Esq
Pacific Sun Real Estate