I own a condo unit. My late husband took out a loan of $150,000 on a $300,000 approximate value on the condo which was in his name as president of his business. He had given me the title to the condo but he told me not to record it as the taxes would go way up. I was not aware of his pursuing the loan.
I prsued getting a reverse mortgage
on the condo once I had the condo put in my name. I cannot okay off the $150,000 loan, so I felt that if in
Got a reverse mortgage I could pay off the loan and with the rest of the money from the approved loan I would be able to make repairs on the condo.
I was recommended to a broker in February of this year and after going thru all the steps the FHA
wouldn't accept the application because the homeowner
president refused ti sign the application. The president said if an attorney wrote him a letter saying the FHA was legitimate and my brokers bank was also okay he would sign the FHA application.
My broker has checked with several attorneys and said they all want too much money, $2000 on up.
I'm at my wits end. Can I please get some advice as to how to proceed.
I have lived in my condo for 30 years. I am 68 and would not afford to move. I also am disabled with Parkinson's and diabetes.