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Can an RM be taken on property with no dwelling?

I have property in Montana. Can a Reverse Mortgage be taken on the property, even if there is no dwelling on it? by jennin_560_188 from Glasgow, Montana. Dec 16th 2011 Reply


James Barath (JamesBarath)
#9 ranked lender in Indiana - 351 contributions

A home equity conversion mortgage (aka reverse mortgage) cannot be used on land only. The subject property must require a qualified residential structure and be properly zoned accordingly. Happy Holidays!

Dec 16th 2011
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Gary Crist (coloradoreversemortgagelender)
#28 ranked lender in Colorado - 38 contributions

Hi Jennin,If you want to move there and stay there a reverse mortgage will work. You could get a regular construction loan and use the reverse mortgage as what we call your end loan. Be careful if you want to put a log home or manufactured home on it, because some lenders do not allow a reverse mortgage on them. If you have your current home free and clear, I would suggest take a reverse mortgage on it as your construction loan. If you have any questions check out my website and call me: https://www.ireverse.com/gcrist/ask.html

Dec 16th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,874 contributions

HECM or Reverse mortgage, is intended for the primary residence only. If you have no intention of building and living on this property, then it will never qualify for a reverse mortgage. WilliamAcres.com

Dec 16th 2011
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

Because a Reverse Mortgage can only be obtained on the borrower's primary residence, the answer is no. If there is no dwelling, it cannot be a primary residence. Sorry, I now this wasn't the answer you were looking for.

Dec 16th 2011
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