QUESTION:

reverse mortgage when running a business out of your home

We live in a little motel and rent out 10 rooms, can we qualify for a reverse mortgage? We are in our 70's and the motel is paid off.
asked by shannon2938, 3/29/2009
Categories: Reverse Mortgage, Reverse Mortgages, Work and Retirement, Home Jobs
ANSWERS:
Answered by: Editorial, 03/30/09
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Some programs may accept 2-4 unit owner-occupied dwellings. Your situation sounds very unique and would probably be best answered by a qualified broker.

NewRetirement can connect you to a prescreened lender here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx

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Answered by: Raymond Denton, 11/21/10
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How is the Motel "Titled"? And how is the parcel zoned? Is Title held as "fee simple"? Or "commercial"? Is the land zoned for "residential"? Or "commercial"?

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