Sun City residents can now apply for reverse mortgage, Sun City West still in the works

With home sale continuing to pick up, some Sun Cities residents might now be able to utilize the reverse mortgage option to provide them with fund to supplement their dwindling financial resources. / YourValley.net

 

By Rusty Bradshaw | YourValley.net

A two-year hold on reverse mortgages in Sun City appears to be over.

Recreation Centers of Sun City officials last week released a statement saying Housing and Urban Development officials approved the corporation’s preservation and improvement fee as an excepted transfer fee.

“(The PIF) would not render a property ineligible for FHA insurance,” Elissa Saunders, HUD Office of Single Family Development director, wrote in a letter received by RCSC Oct. 5.

However, Sun City West residents may still have to wait to access the reverse mortgage option. Michael Thomas, VIP Mortgage reverse mortgage specialist, said Sun City West officials are still waiting for FHA officials to give reverse mortgage approval for that community.

“Meanwhile, loan organizers who have worked with residents of the Sun City communities located throughout the U.S. said they are experiencing the same feedback,” Mr. Thomas said.

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