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QUESTION:
Land lease eligibility
I own my home but have a 99 year lease on the lot in a development. Can I get a reverse mortgage?
	asked by the col, 4/27/2008
Categories: Reverse Mortgages

ANSWERS:
	Answered by: Editorial, 04/29/08 Overall Rating: Be the first to rate it.
This would be a question for a Reverse Mortgage broker. NewRetirement can connect you with a prescreened broker who should be able to answer this and any other questions you might have. Complete the form here: https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx Login to rate this answer:
	Answered by: martorana, 04/29/08 Overall Rating: Be the first to rate it.
Hi,My name is Frank Martorana and I manage a reverse mortgage company. At this time you can not get a RM.... that will soon be changing. Login to rate this answer:
	Answered by: Tamera, 05/16/08 Overall Rating: Be the first to rate it.
Im Tammy and I am an employee of Financial Freedom, a preferred lender here at New Retirement. The answer to your question is YES on a case by case basis :) Let me give you the exact verbiage in my lending book: The mortgage must be on the property held in fee simple; or under a lease for not less then 99 years that is renewable; or under a lease having a remaining term of not less then 50 years beyond the 100th birthday of the youngest borrower. I hope that helps you! Please let me know if you have further questions. I look forward to helping! Tamera Field Financial Freedom Reverse Mortgage Specialist tfield @financialfreedom.com 877-632-7890 Login to rate this answer: