With the successful passing of H.R. 3700, the Housing Opportunities through Modernization Act, homeowners in Rossmoor will soon be able to obtain reverse mortgages again. FHA financing will also be available there for qualified buyers. Both of these financing opportunities have been restricted there since July 2015 when Rossmoor, along with 7 other retirement developments throughout the country were hit by a HUD (Department of Housing and Urban Development) ban on senior living communities charging membership fees to homeowners.
This change has come about as a result of several local REALTORS® and mortgage professionals lobbying for changes to this rule. Together with a team from the National Association of REALTORS, they successfully petitioned legislators to add a clause to H.R. 3700, to reactivate FHA financing and reverse mortgages to condominium owners in Rossmoor and other similar communities. The bill passed in both the House and Senate and was recently approved by HUD.