Where can I find a home equity loan or remodel loan for a ma

auntie58 · Joined: 28 Apr 2008 Posts: 1 1.00 Dollars($)

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?

adonis · Posted: Mon Apr 28, 2008 9:39 pm Post subject:

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?

Guest 0.10 Dollars($)

I'm 49. I don't think a reverse mortgage would be something I would like to do. I'm located in TN.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

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

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