WHEN A TIMESHARE IS THE TIME
TO SHARE GOOD NEWS ABOUT…
I am writing this story form Kauai, a great resort where my wife and I bought a timeshare back in 1991. While vacationing, I keep receiving inquiries from clients interested in reverse mortgages, particularly condominium owners.
As many of you may know, condo financing can be challenging due to various restrictions involving owner-occupancy ratios, insurance requirements, maintenance issues, and structural components such as balconies.
While I have been able to find solutions for most of these challenges through both portfolio and conventional lenders, Reverse Mortgages are more complex because most lenders follow strict FHA guidelines—and these often limit eligibility for condominium properties.
The good news is that I have identified a lender with a flexible, alternative approach. As long as the condominium meets the requirements within a specific 15-question review (secured through HOA information), Reverse Mortgage approvals are possible.
I discovered this solution while assisting a client who owns a unit in the Daniel Burnham Court building—and I’m pleased to confirm that Daniel Burnham Court is eligible under this program. This realization prompted me to reach out to all homeowners in the building, as many of you may face similar concerns or simply want to explore your options.
If you have questions about Reverse Mortgages or traditional forward mortgages, I would be happy to help. Feel free to call me anytime at my direct cell: (415) 225-7920.
Meanwhile, click this link to view my short clip from Kauai that I posted on YouTube today.
Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983
NMLS #205637
DRE #00874630