One couple in San Francisco overcame the Department of Housing and Urban Develop-ment's restriction on condo's rule thanks to a jumbo reverse mortgage product. The product was issued by Finance of America Reverse and is known as the HomeSafe product.
"The unnamed buyers took out a HomeSafe because their three-unit building had never undergone the Federal Housing Administration approval process, according to a recent column in the San Francisco Chronicle," reports Reverse Mortgage Daily.
With the help of mortgage advisor John Holmgren, the couple decided to take on a Home Equity Conversion Mortgage. Holmgren then continued to work with the homeowner's associations to get the Nob Hill neighborhood approved.
The process, according to the report, was not an easy one. The couple had depleted their savings and both needed home care, which made it necessary for a more expedited process.
To learn more about how this couple was able to bypass the HUD's restriction on condos by using a jumbo product, click on the image above.