DEAR BOB: I have friends who own their home, which is on leased land. The senior-citizen reverse mortgage lender told them the residence is not eligible. Is this correct? –Anthony L.
DEAR ANTHONY: If the residence is a manufactured house or a mobile home on a leased lot, it clearly is ineligible for a reverse mortgage.
However, if it is on a leased lot with an option to purchase, then some lenders will approve a reverse mortgage in such a situation. Owning a residence on leased land is never an advantage and is frequently a detriment.
Found here.
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