Ask Terry Questions reverse mortgage

reverse mortgage

By Terry Savage on October 14, 2019 | Housing / Real Estate

Hi, Terry- I would like a reverse mortgage, but my condo is not FHA eligible. I own a unit in a two unit townhouse, and we are the entire complex. Apparently, I cannot own half the complex. You mentioned “proprietary” lenders in a recent column. Could you pass on their names to me? I would appreciate it. I read the Chicago Tribune. Thanks, very much

Terry Says

A “proprietary” RM might be right for you.  It just means they do not have to follow the FHA guidelines, and thus do not get FHA insurance on any losses (if you live there till you’re 96, like my father did!).   The amount you receive in your RM is adjusted downward to reflect that the bank is taking this risk.  Go to and search for lenders.  Then contact each and ask about their proprietary products for a situation like yours.  You’ll want to compare costs and withdrawal amounts from several lenders, anyway, so it’s worth making a few calls.



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