Quote:
Originally Posted by Lakesrider
Really no basement and no well = No reverse Mortgage? What do the people in Arizona or Cali do? I know lots and lots of people out there that have town water and are on a slab. Pretty much every house out there is on a slab. Where my Condo (Small house we own, land we do not.) is in Nashua many are on slab. I am lucky to have a full basement, but most do not. We are all on town water down there. I don't get it???????  |
For purposes of a reverse mortgage, town/city water is as good as a well, and a slab is as good as a foundation (basement or crawl space). The problem, as FLL has discovered, is when you have neither a well nor town water, and neither a foundation nor a slab.