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About Al Rodenburg
Expertise
Well...looks like I can see the light at the end of the tunnel (and it's not an oncoming train!). Seriously...for the last several years, underwriting guidelines have continued to change and become more restrictive; but it finally appears that they are heading in the "right" direction. My goal has always been to help the consumers and investors, as well as making the process as quick and transparent as possible. If you'd like to contact me directly, visit mortgageoffice.com.

Experience
Over 12 years, originating primary residence and investment propery mortgage loan financing - with an emphasis on making the process as simple and quick as possible for the consumer.

Education/Credentials
Principia College, Florida State U.,University of Illinois-Chicago, Roosevelt University and Lake Forest School of Management.

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Real Estate Home Mortgages - land sale

Expert: Al Rodenburg - 7/11/2009

Question
Hi Al,
My Grandmother passed away 30 years ago and left a small piece of land to her 2 kids, My Mom and her sister, my Aunt. Over the years they have had offers from people to buy the land and my Aunt refuses to sell.
Over the years my Aunt has become wealthy and my Mother has not.
They are both facing retirement, my Mom is 67 years old, and it would be nice for my Mom to have the money from selling the land.
My Aunt refuses to buy my Mother out.
Would you know any options for her, my Mom?
Could she do a reverse mortgage for her half of the land?
Thank you,
Randy
USA-RI

Answer
No reverse mortgage available based on what I know about them; has to be a primary residence.
Suggest your mom contact a local attorney for advice that would be appropriate for your location.
I'm sure there must be a way to get some $ out of this for her.
Get an attorney that is noted for being a little aggressive would be what I would probably do.
Good luck,
- Al

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here