Real Estate and Home Mortgages - mortgage on land only?

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easywind
04-28-07, 09:59 AM
My wife and I own a parcel of land in Arizona that is in an established community. The land is worth about 100k. Houses are going up at an alarming rate. We purchased the land 5 years ago basically to store an rv and save money on insurance.

Question, is there any way I can get something like a reverse mortgage where we could enjoy the land for a few more years and get a loan on the land?

Thanks all.

marksr
04-28-07, 12:41 PM
I don't know about reverse mortgages and vacant land.

Typically loans on vacant/unimproved land have higher interest rates than they same loan on land and home.
Family Guy
04-30-07, 03:27 PM
Reverse mortgages are for homestead, not raw land. The house must be occupied by the borrower.