Winnipesaukee Forum - View Single Post - ...no well....no foundation...no reverse mortgage!

BroadHopper · 04-29-2013, 10:03 AM

I knew of a lakefront property owner that has property free and clear of any mortgage. She wanted to retire and winterize the cottage. I can't believe the mortgage companies will not give her an improvement loan because she has no cellar or artesian well! Over a decade ago I was able to secure an improvement loan on a similar building, which has been paid off. The banks kind of said they were cracking down on 'substandard structures'? I know of a number of cottages on the lake that fits this category. Does anyone know how to get around this rule?

04-29-2013, 10:03 AM	#9
BroadHopper Senior Member Join Date: Oct 2004 Location: Laconia NH Posts: 5,512 Thanks: 3,118 Thanked 1,090 Times in 784 Posts	Mortgage Crackdown I knew of a lakefront property owner that has property free and clear of any mortgage. She wanted to retire and winterize the cottage. I can't believe the mortgage companies will not give her an improvement loan because she has no cellar or artesian well! Over a decade ago I was able to secure an improvement loan on a similar building, which has been paid off. The banks kind of said they were cracking down on 'substandard structures'? I know of a number of cottages on the lake that fits this category. Does anyone know how to get around this rule? __________________ Someday may never be an actual day.