

Save my home by letting me access a reverse mortgage


Save my home by letting me access a reverse mortgage
The Issue
My name is Alice Green and I'm 72 years old. For more than 20 years, I've lived in a wonderful cohousing condominium community in Berkeley, California. But I'll lose my home in a few months - and with it, the community I consider my family - unless the government agrees to let me reverse mortgage my home**.
I moved into this community because I wanted to live more resourcefully and "in community". My neighbors and I share a big common yard, laundry and meals three nights a week. It’s wonderful. I own my home (“free and clear”) and live on only $12,000 a year because I live simply and meet some of my needs through bartering and sharing. But my savings, part time income and Social Security can't keep up with Berkeley's high property taxes and my condo fees that cover maintenance, reserves and insurance.
Anyone else in my situation could apply for a reverse mortgage. But somehow, because my neighbors and I share some meals and resources like a laundry room, the Federal Housing Administration (FHA) won't treat us the same as other condominium communities, and won't allow even a small reverse mortgage loan for my home.
With the help and support of my neighbors, I started this petition because I want FHA Commissioner and Assistant Secretary for Housing Carol Galante to treat cohousing condominiums like all other condominium communities so I can get a reverse mortgage. By doing so, I hope the path will also be clear for othes to continue living in supportive and engaged communities like mine.
Please sign my petition calling on FHA Commissioner and Assistant Secretary for Housing Carol Galante to let me reverse mortgage my condo so I can stay in my home, in the community I love.
**(A reverse mortgage is different from a regular mortgage: instead of me paying the bank a monthly payment, the equity I built up over years of paying my original mortgage would get paid back to me for my expenses. It's a way to access the value in the home I own.)
The Issue
My name is Alice Green and I'm 72 years old. For more than 20 years, I've lived in a wonderful cohousing condominium community in Berkeley, California. But I'll lose my home in a few months - and with it, the community I consider my family - unless the government agrees to let me reverse mortgage my home**.
I moved into this community because I wanted to live more resourcefully and "in community". My neighbors and I share a big common yard, laundry and meals three nights a week. It’s wonderful. I own my home (“free and clear”) and live on only $12,000 a year because I live simply and meet some of my needs through bartering and sharing. But my savings, part time income and Social Security can't keep up with Berkeley's high property taxes and my condo fees that cover maintenance, reserves and insurance.
Anyone else in my situation could apply for a reverse mortgage. But somehow, because my neighbors and I share some meals and resources like a laundry room, the Federal Housing Administration (FHA) won't treat us the same as other condominium communities, and won't allow even a small reverse mortgage loan for my home.
With the help and support of my neighbors, I started this petition because I want FHA Commissioner and Assistant Secretary for Housing Carol Galante to treat cohousing condominiums like all other condominium communities so I can get a reverse mortgage. By doing so, I hope the path will also be clear for othes to continue living in supportive and engaged communities like mine.
Please sign my petition calling on FHA Commissioner and Assistant Secretary for Housing Carol Galante to let me reverse mortgage my condo so I can stay in my home, in the community I love.
**(A reverse mortgage is different from a regular mortgage: instead of me paying the bank a monthly payment, the equity I built up over years of paying my original mortgage would get paid back to me for my expenses. It's a way to access the value in the home I own.)
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Petition created on March 11, 2014