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What's the distance should a house be from a as station for a FHA reverse mortgage?

by willandjustice116 from Clifton, New Jersey. Dec 6th 2017 Reply


Peter Rinnyk (prinnyk)
#63 ranked lender in New Jersey - 16 contributions

Just closed a loan with a Gas Station across the street.. I had to get a soil test for $99 and the loan closed a few days later.. Feel free to call me directly if any questions..Peter 732 343 0340

Dec 6th 2017
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Peter Rinnyk (prinnyk)
#63 ranked lender in New Jersey - 16 contributions

PS and yes this was a Reverse mortgage loan ..

Dec 6th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,622 contributions

I've been lending for 26-years. Never heard that question before, and never had an issue before. Is this a concern a lender is bring up?

Dec 6th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,145 contributions

I'm not sure FHA has an actual "distance" requirement.. it's subject to the appraisers opinion.. but as Peter said.. a soil test is all that's required.. I've been doing loan for a long time, and I've only see this one time.. very, very rare.. but an easy fix.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Dec 6th 2017
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Sara Deere (Saraloveshomeloans)
#1 ranked lender in Kansas - 528 contributions

I agree with the previous responses. In over ten years originating Reverse mortgages, I have not run into this problem too many times even with cell tower's and water tower's. A soil and water test would be a great item to add to the loan file.

Dec 11th 2017
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I live in New Jersey, and was previously denied a reverse mortgage. Due to living 150 ft from a gas station. They stated I need to be 350 ft. I will try the soil testing on appeal. Thanks for all of the great responses.

Dec 12th 2017
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