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QUESTION:
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home qualifactions |
| My home is has been appraised at $300,000 but it is very small but in an exclusive neighborhood and the land value may be more than the home value, problem? Also it is in a photovoltaic neighborhood, problem?? |
 | asked by thomas salazar, 10/25/2010 |
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Categories:
Reverse Mortgages, Reverse Mortgage Calculators
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| ANSWERS: |
| Answered by: Jason B, 10/25/10
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Presuming that the land your home is located on is not in excess of five acres, this should not impede your qualifications for an HECM reverse mortgage. Login to rate this answer: |
| Answered by: whyhecm, 10/27/10
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Mr. Salazar, As long as there are sales comparables to support value you should be fine. Excess acreage is typically not an issue for me as long as there are other homes in the area with similar type acreage. Login to rate this answer: |
| Answered by: Tamera Field, 11/17/10
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Hi Thomas- If by photovoltaic, you mean that the home is off the grid, that may be an issue. If the home relies only on solar power, making it a unique property which would make it difficult to sell, than yes, it would matter. I would check with a local realtor to see if any homes within your neighborhood have sold recently, and if so, were any FHA loans. That should give you an indication on whether or not you might have a problem. Best of luck to you. Login to rate this answer: |
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