Posted on: 17th Aug, 2009 10:01 am
Hi........I pretty much understand the workings of a reverse mortgage. I not only have a home I use as my residence but I have prime acreage in another town. Could this unencumbered land (10 acres) on its own be considered for a reverse mortgage?
Hi eebceb,
As far as I know, reverse mortgages are a type of home loans. They are not available on land. These loans are available for seniors looking to cash out home equity. If you want to use your land as a collateral, then you will have to look out for land loans.
Thanks
As far as I know, reverse mortgages are a type of home loans. They are not available on land. These loans are available for seniors looking to cash out home equity. If you want to use your land as a collateral, then you will have to look out for land loans.
Thanks