Posted on: 28th Apr, 2008 08:49 pm
I want to remodel and and obtain a fixed home equity or mortgage loan. I do not own the land the home is situated on but have a lifetime lease. I own the home outright, it is paid for. I can not find anyone to finance my remodel loan because I don't own the land. I have very good credit, stable job. Where can I find someone that will underwrite this type of loan?
Welcome Auntie,
May I know how old you are. If possible you may get a reverse mortgage on the home even though you have a leased land. By the way, where do you stay, in which state?
May I know how old you are. If possible you may get a reverse mortgage on the home even though you have a leased land. By the way, where do you stay, in which state?
I'm 49. I don't think a reverse mortgage would be something I would like to do. I'm located in TN.
Hi Elaine,
I think you may not get a mortgage as you have lifetime lease. For small improvements you can think about getting personal loan. The interest rate may be a bit higher but I think this can fulfill your cause.
Best of luck,
Larry
I think you may not get a mortgage as you have lifetime lease. For small improvements you can think about getting personal loan. The interest rate may be a bit higher but I think this can fulfill your cause.
Best of luck,
Larry