Uploaded August 2026 | Updated September 2026, 49 minutes ago
Can you get a reverse mortgage on a condo? Yes, if the building or your individual unit meets FHA's rules. Here's how to find out before you pay for a thing.
Full guide, the questions, and the free copy-paste email: gibsonhomeloans.com/evaluating-hoa-condominium-reverse-mortgage
Most people order the condo paperwork the lender needs, pay a few hundred dollars for it, wait two weeks, and only then find out the building was never going to qualify. In this video I walk through why so many condo buildings aren't FHA approved (usually nobody re-filed), how FHA Single-Unit Approval can still get your unit approved even when the whole building isn't, and the questions I send the HOA manager before anyone pays for a questionnaire.
This matters for a reverse mortgage because a HECM is FHA-insured, so the same condo rules apply. It also matters for any FHA purchase or refinance, so this one's for buyers and homeowners of every age, not just folks looking at a reverse.
The 6 questions to ask before you pay (I add the 6th, deferred maintenance, in the blog):
1. Any pending lawsuits or structural disputes involving the HOA?
2. Are more than 15% of units 60+ days behind on dues?
3. Does any single owner hold more than 10% of the units?
4. Does commercial space make up more than 35% of the property?
5. Is owner-occupancy above 50%?
6. Any deferred maintenance that could force owners to vacate for repairs?
Grab the ready-to-send email and the full checklist here: gibsonhomeloans.com/evaluating-hoa-condominium-reverse-mortgage
Questions about a condo, a purchase, a refinance, or a reverse mortgage? Call or text me at 720-449-6622. No pressure, just straight answers.
Christopher Gibson, C2 Financial Corporation, NMLS #1910430. Licensed in WA, CO, TX, FL, and MI. Equal Housing Opportunity. This is not a commitment to lend.
Chapters:
0:00 The mistake that costs you a few hundred dollars
0:15 Reverse, purchase, or refinance: this hits all FHA loans
0:35 Why so many condos aren't FHA approved
1:05 Expired approval doesn't mean you're out
1:25 What Single-Unit Approval requires
2:00 The most common deal-killers
2:35 Why you're forced to pay for docs, and what they cost
3:05 The questions and the free email
Can you get a reverse mortgage on a condo? Yes, if the building or your individual unit meets FHA's rules. Here's how to find out before you pay for a thing.
Full guide, the questions, and the free copy-paste email: gibsonhomeloans.com/evaluating-hoa-condominium-reverse-mortgage
Most people order the condo paperwork the lender needs, pay a few hundred dollars for it, wait two weeks, and only then find out the building was never going to qualify. In this video I walk through why so many condo buildings aren't FHA approved (usually nobody re-filed), how FHA Single-Unit Approval can still get your unit approved even when the whole building isn't, and the questions I send the HOA manager before anyone pays for a questionnaire.
This matters for a reverse mortgage because a HECM is FHA-insured, so the same condo rules apply. It also matters for any FHA purchase or refinance, so this one's for buyers and homeowners of every age, not just folks looking at a reverse.
The 6 questions to ask before you pay (I add the 6th, deferred maintenance, in the blog):
1. Any pending lawsuits or structural disputes involving the HOA?
2. Are more than 15% of units 60+ days behind on dues?
3. Does any single owner hold more than 10% of the units?
4. Does commercial space make up more than 35% of the property?
5. Is owner-occupancy above 50%?
6. Any deferred maintenance that could force owners to vacate for repairs?
Grab the ready-to-send email and the full checklist here: gibsonhomeloans.com/evaluating-hoa-condominium-reverse-mortgage
Questions about a condo, a purchase, a refinance, or a reverse mortgage? Call or text me at 720-449-6622. No pressure, just straight answers.
Christopher Gibson, C2 Financial Corporation, NMLS #1910430. Licensed in WA, CO, TX, FL, and MI. Equal Housing Opportunity. This is not a commitment to lend.
Chapters:
0:00 The mistake that costs you a few hundred dollars
0:15 Reverse, purchase, or refinance: this hits all FHA loans
0:35 Why so many condos aren't FHA approved
1:05 Expired approval doesn't mean you're out
1:25 What Single-Unit Approval requires
2:00 The most common deal-killers
2:35 Why you're forced to pay for docs, and what they cost
3:05 The questions and the free email
