...no well....no foundation...no reverse mortgage!

[AC2717]

Originally Posted by BroadHopper

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?

Local banks are usually the best for these i would think, I know when searching a while ago for other things that the local banks had the best knowledge on these types of issued