Can you do a reverse mortgage on a plot of land?
Can you do a reverse mortgage on a piece of land that is not developed?
Hello, and thank you for your question. Unfortunately, you cannot do a reverse mortgage on a piece of land that is undeveloped. There must be a residence on the property for a reverse mortgage to take place. In addition, the residence must be FHA approved. For example, bed & breakfasts and working farms are not reverse mortgage eligible properties. It must also be the homeowner's primary residence. For more information on eligible properties, see http://www.hud.gov/offices/hsg/sfh/hecm/hecm--df.cfm.