Acreage as collateral......

eebceb · Joined: 17 Aug 2009 Posts: 1 1.00 Dollars($)

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?

jameshogg · Posted: Mon Aug 17, 2009 10:35 pm Post subject:

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

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