• Question
  • Limits to Reverse Mortgages

    Asked by someone from Columbia, MO on 2/21/2019

    My M-in-Law is 95 and lives in Columbia, MO. She is still living in the same home after nearly 60 years. The house sits on 38 acres of land. A question was raised regarding the house vs. the land, i.e. that a lender would only appraise the value of the house and not the value of the house situated on 38 acres. What is the law/guidelines regarding this valuation, which would significantly alter the amount of money to be received?

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  • Categories: How Does it Work?, Reverse Mortgages

Answers

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  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • You can get a ball park estimate using this tool and request to talk with a lender, but a lender is the best person to talk to about this. It's best to talk with multiple lenders so you get different perspectives

    https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

  • Login to rate this answer:   Answered on 5/13/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.