In June, HUD released new guidelines for condominium approval for reverse mortgages. The guidelines were supposed to go into effect on October 1st. However, HUD has now announced that the new guidelines will only apply to case numbers assigned on or after November 2, 2009.
The mortgagee letter can be found at Mortgagee Letter 09-19ml, in case anyone needs a reminder as to the new HUD guidelines. The delay in implementation makes one wonder whether, if the new co-op eligibility requirements are ever announced, they will go into effect as scheduled.