This content has been marked as final. Show 3 replies
Reverse Mortgages with Land as Collateral, Welcome
You have a modest lake home with surrounding land worth millions, Really
You need to speak to Lawyers. Good luck, LUCKIEST
Land values come in all shapes and sizes...location, stages of development, zoning etc. How do you know your land is worth 'millions'? Have you submitted any development plans? Are there million dollar plus homes around you? Have you had an appraisal of the land in an improved state versus its raw state now?
If the land is worth millions why not subdivide the acreage, sell it and sit back and enjoy life? Why bother trying to get financing that is not available? With the credit crunch now most banks don't want land in their portfolios.
Current valus is based on recent appraisal, in the undeveloped state. My wish is to leave the land in it's natural state, until after my death.
Comments on availability are appreciated. May be "mission impossible", but have been told that they exist, but can't find who.
Go to original post
Reply to original post
Reverse mortgages for seniors that use their homes as collateral are common. But can a person find a reverse mortgage arrangement (pay you when I die deal) that uses land as collateral? I have a modest lakehome with sorrounding land worth millions, but can only get a mortgage against the home. Such an arrangement would be valuable to farmers, ranchers, etc. who need cash now, but are equity rich in non-liquid land. Same principles apply as homes, but why not land? Any help would be appreciated.