Can a reverse mortgage be placed on a property that’s dubbed “agricultural”? Client lives in Fort Collins, Colorado, on 20 acres and 13 of those acres are used to grow hay.
This question can be a little tricky and therefore requires additional information to be properly answered. Agricultural properties can be acceptable depending on the comps available; the amount of income the property is earning; is this income reflected on the 1040s and if so, which schedule and how much income, and, what is the hay used for (personal, friends, business). Please provide as much of this information as possible so that we can take a closer look.