Temecula Reverse Mortgage Question & Story
By Deborah Nance, Southern California , Reverse Mortgage Specialist
(Orange County, Corona, Riverside, Los Angeles)
Temecula Reverse Mortgage Question - We live on a huge property (over 5 acres) can we get a reverse mortgage? The answer is, maybe! (Don'tcha just hate that?) FHA-HECM and reverse mortgage lenders have some restrictions for HECM Reverse Mortgages - Top 10 Questions on larger parcels of land . Is the size of the property common for the area? If so, no problem. Is the property contiguous and not broken up into different parcels? Only the parcel with the home on it can be considered for the reverse. (No value will be given to additional parcels) Is it taxed as one parcel? (Property with the home should have it’s own tax bill) FHA will not allow HECM Reverse Mortgages on income producing property so a farm, business or commercial use will disqualify the property. Does the property have “re...