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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. 6 days ago Reply


Peter Rinnyk (prinnyk)
#1 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

6 days ago
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Peter Rinnyk (prinnyk)
#1 ranked lender in New Jersey - 16 contributions

PS and yes this was a Reverse mortgage loan ..

6 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 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?

6 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 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

6 days ago
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Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 516 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.

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