1,401,176 HECM reverse mortgages insured by FHA since 1989.
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Reverse mortgage question
In most cases, yes, wait until the change is final. When we order your FHA case number, the property type is set from the details we have that day. If the home is still legally a condo, it will need HUD condo approval, either for the project or for your unit. Once the county records the change and your legal description reflects it, the condo approval step usually goes away, which can save time and some headache.
Short answer: it's usually best to wait until the change is complete.
The original question we got went like this: "My home is currently being changed from a condo to a single family attached villa. Do I need to wait for the process to complete before my loan officer takes my application? I expect final approval from the county in the next couple weeks." If you're in that spot, here's why waiting a couple of weeks usually beats starting now.
Early in the process, we order an FHA case number for your loan. To do that, we enter the property's details, including what kind of property it is.
Changing the property type after the case number is assigned can mean rework, and sometimes a new case number. Waiting a couple of weeks is usually easier.
Don't go by a city council vote or a letter from the HOA alone. Before we take the application, it helps to have:
Your title company can tell you when the records reflect the change.
You don't have to sit on your hands:
If the change gets delayed for months, we can look at going ahead as a condo. Some condo projects can be approved one unit at a time, and some proprietary (jumbo) programs accept condos that aren't FHA-approved. It depends on the project and the state.
Call us at 530-888-6000 and tell me where the conversion stands. I'll tell you whether to wait or start now. And when the county signs off, we'll be ready to go.
ZYNG Mortgage, Inc., NMLS #76801. A reverse mortgage has no required monthly mortgage payments and uses your home's equity. Fees, mortgage insurance and other costs can be added to the loan balance, and the balance grows over time as interest is added, so your equity typically decreases. When the loan becomes due, the home may need to be sold, or the loan repaid from other funds. Interest is not tax-deductible until it is paid, in part or in full. You keep title to your home and must keep paying property taxes, homeowners insurance and upkeep, and meet the other loan terms; not doing so can make the loan due and could lead to foreclosure.
This material is not from HUD or FHA and was not approved by HUD or a government agency.
HECM count at the top of this page: HUD data through September 2026 (source, opens in a new tab).
