Can two adjacent properties both be included in a reverse mortgage appraisal?
I am diligently on the following course and have a few questions.I have two contiguous sections of Texas resort land; the first is 2.25 acres; the second two lots are 5.5 acres. Can BOTH these sections of land be included in my reverse mortgage appraisal? I hope to augment the reverse mortgage proceeds and thus eliminate my mortgage plus provide cash for home greening improvements.
Thanks very much for this forum!!
RB
American Advisors Group | Phil Scott
Yes, your two parcels of land can be combined and appraised together, however it is required that there is an owner occupied residence on the property. It is your responsibility to do this, however we will definitely be happy to direct you through the process. If you are considering a reverse mortgage, please give one of our professionals a call so we could get more information about your properties and determine how we can help you get a reverse mortgage.
Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 8/13/2010
Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Ask a FREE Reverse Mortgage Question
Ask Your QuestionMore Questions
- Is there a set maturity date on the reverse mortgage?
- How will my reverse mortgage affect my eligibilty for other types of loans?
- Can I start paying off my reverse mortgage now?
- Do my property taxes differ with a reverse mortgage?
- Does the bank own my home after I sign up for a reverse mortgage?
- How do I apply for a reverse mortgage?
- How do I designate who will receive my reverse mortgage debt?
- Can I get a reverse mortgage if I have a part time job?
- Which reverse mortgage will cost me less?
- What are the pros and cons to a reverse mortgage?
- How do I know if I qualify for a jumbo reverse mortgage?
- What are the out of pocket expenses of a reverse mortgage?
- Would it be practical for me to get a reverse mortgage if I need financing for a short amount of time?
- Am I going to have to pay back my reverse mortgage if I choose to sell my home?
- What happens if my loan balance on my reverse mortgage is greater than my house value?
- How many lenders should I talk to before getting a reverse mortgage?
- What bills will I still be required to pay if I sign up for a reverse mortgage?
- What is the timeline and requirements I have to follow if I want to cancel a reverse mortgage?
- How long will I have to sign the paperwork once I get approved for a reverse mortgage?
Certified RM Professional
