Keep that farm in the family with a reverse farm mortgage

Sometimes it’s hard to keep your farm running profitably. It may be too hard for you to keep the farm in top condition and at the same time try to make a profit. If the farm has been in your family for generations, you may not be willing to sell it even if you expect to make a profit. Many farmers today look to reverse farm mortgage lenders to help them deal with this type of situation.

There are some specific requirements needed to qualify for a reverse farm mortgage. They are basically the same as with any reverse mortgage, mainly that the borrower is 62 or older and must be a property owner. Once the reverse mortgage is obtained, the owner (borrower) receives the funds in a lump sum or monthly payments and is not required to give up the property as long as they continue to live or use it.

A reverse farm mortgage is a low-interest loan available only to seniors who own their own homes (farms). The equity accumulated in the house (farm) is used as collateral and the loan amount is a percentage of the value of the house (farm). This loan does not have to be repaid until the owner permanently vacates the home or farm or the owner dies. The estate then has approximately 12 months to pay off any remaining balance on the reverse mortgage or has the option to sell the home (farm) to pay off the balance.

A farmer has several options to choose from when obtaining a reverse farm mortgage. He may receive monthly payments, a single payment, or a combination of both when the funds are distributed from the reverse mortgage. Then, just like with a regular reverse mortgage, the money received can be spent in any way the borrower chooses. One option might be to purchase better farm equipment to increase overall productivity on the farm.

With a reverse mortgage, a farmer has the funds he needs and doesn’t have to worry about losing his precious farmland. He will be able to continue working on the farm and have additional income to use to increase farm productivity.

To be eligible for a HUD reverse mortgage, the Federal Housing Administration requires all homeowners to be at least 62 years of age. They must own their own house (farm) or have paid at least about half of the mortgage. HUD does not require income or credit requirements for a reverse mortgage.

Sometimes it’s hard to keep your farm running profitably. It may be too hard for you to keep the farm in top condition and at the same time try to make a profit. If the farm has been in your family for generations, you may not be willing to sell it even if you expect to make a profit. Many farmers today look to reverse farm mortgage lenders to help them deal with this type of situation.

There are some specific requirements needed to qualify for a reverse farm mortgage. They are basically the same as with any reverse mortgage, mainly that the borrower is 62 or older and must be a property owner. Once the reverse mortgage is obtained, the owner (borrower) receives the funds in a lump sum or monthly payments and is not required to give up the property as long as they continue to live or use it.

A reverse farm mortgage is a low-interest loan available only to seniors who own their own homes (farms). The equity accumulated in the house (farm) is used as collateral and the loan amount is a percentage of the value of the house (farm). This loan does not have to be repaid until the owner permanently vacates the home or farm or the owner dies. The estate then has approximately 12 months to pay off any remaining balance on the reverse mortgage or has the option to sell the home (farm) to pay off the balance.

A farmer has several options to choose from when obtaining a reverse farm mortgage. He may receive monthly payments, a single payment, or a combination of both when the funds are distributed from the reverse mortgage. Then, just like with a regular reverse mortgage, the money received can be spent in any way the borrower chooses. One option might be to purchase better farm equipment to increase overall productivity on the farm.

With a reverse mortgage, a farmer has the funds he needs and doesn’t have to worry about losing his precious farmland. He will be able to continue working on the farm and have additional income to use to increase farm productivity.

To be eligible for a HUD reverse mortgage, the Federal Housing Administration requires all homeowners to be at least 62 years of age. They must own their own house (farm) or have paid at least about half of the mortgage. HUD does not require income or credit requirements for a reverse mortgage.