Acres and Acres of Home Love – Are we eligible for a Reverse Mortgage Loan?

Zoned "Farmland" it would seem doubtful, but surprise, FHA will lend on large acreage properties under certain circumstances. The Situation: Neither Lonnie nor Kay wanted to sell the farm, it had been in the family for decades. However, the maintenance burden was becoming difficult to manage with social security income alone and a small IRA. And then there was the big question no one seemed to be able to answer with certainty yet – was 45 acres zoned “farmland” eligible for a Reverse Mortgage? The Challenges: Financially, Social Security income was sufficient for monthly cash-flow and they were comfortable. The worry was they had no fund set aside for long term maintenance on the property, life having to resurface the long driveway every five years and eventually, the barn would need a new roof. Lonnie and Kay were concerned that tapping their IRA for [...]