Reverse mortgage on land
My parents live and own land in Pollock, Louisiana. They have two single wide mobile homes on the land. They need info about reverse mortgage in regards to the land and the mobile homes. One home is rented out. Would they have to stop renting it out? Can a reverse mortgage be done on land alone? Please give me some basic info so I can pass it on to them. Neither of the homes are double wides. by turtle393552 from Pollock, Louisiana. Sep 4th 2014
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Reverse mortgages are for owner occupied properties only.. so a "Land Only" RM is not available.. Also, to be eligible for financing, the MFH's have to be architecturally attached to the property and a HUD certificate would have had to been issued. This is what turns a mobile home into "Real Property", and mortgages are only for real property.. For more details, try contacting a local mortgage broker who specializes in reverse mortgages. (it's doubtful that the local bank would be competent enough to handle this).. Once they look at all the property details more closely, they should be able to advise you properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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