Financing in Palm Springs>Question Details

John Kim Mun…, Other/Just Looking in Minneapolis, MN

Can the owner of a condo on leased land obtain a reverse mortgage? Or a secondary, home improvement loan?

Asked by John Kim Munholland, Minneapolis, MN Sat May 31, 2008

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4
Homeowners still retain title and ownership to their home during the life of the loan, and can choose to sell the home at any time. As long as the borrower continues to live in and maintain the home and property taxes and homeowners insurance are paid, the loan cannot be called due.


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8 votes Thank Flag Link Sun May 19, 2013
Yes, you can do a reverse mortgage on leased land. There is a formula FHA requires for qualification. Please call me if you would like more information. 480-467-1107
0 votes Thank Flag Link Tue Oct 6, 2009
You would want to speak to a lender. I have a great lender here in Rancho Mirage that can do Reverse Mortgages.
0 votes Thank Flag Link Fri Sep 5, 2008
I believe the answer is yes to both question. It is of course up to the lender and your credit, etc. Feel free to contact our in house lender, Fred Van Veen at fvanveen@dc.rr.com to discuss any particulars.

Best regards,
Paul Kaplan
Pacific Union GMAC Real Estate
Palm Springs, CA 92262
http://www.PaulKaplanRealtor.com
0 votes Thank Flag Link Sat May 31, 2008
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