It is mind boggling to me that Reverse Mortgages for Co-ops are still not in effect. I get at least one phone call or e-mail PER DAY asking me for help. I don't know what to say anymore, it has been almost twenty months and the Department of Housing and Urban Development (HUD) to get the program into place.
I understand that this is a big undertaking for HUD because HUD has not allowed Co-ops for any of its other loans, but COME ON! Isn't a year and half enough time?
There are thousands of people who need this right now. Hopefully, they will get their act together and it will happen soon.