I'm 66 and I've just built a home valued at approx. $650,000.00 with no mortgage or debt. I'm trying to apply for a reverse mortgage, but I'm being turned down because I'm "off grid " although I have a state of the art generating system. I've been told I'm "non-conforming". Am I being discriminated against and do I have legal recourse?
Reverse mortgage off grid "non-conforming"
Started by
IMPuzzled
, Feb 28 2013 07:47 AM
5 replies to this topic
#2
pg1067
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Posted 28 February 2013 - 07:54 AM
I've just built a home valued at approx. $650,000.00
Who says it's worth $650k?
Am I being discriminated against
Obviously. However, in the event you are not aware, most discrimination is perfectly legal, and nothing in your post suggests you are being discriminated against for any unlawful reason.
do I have legal recourse?
I have no idea because I have no idea what you mean by "off grid" and "non-conforming." Care to clarify that?
#3
IMPuzzled
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Posted 28 February 2013 - 07:59 AM
Off grid means simply that I'm located beyond a community power supply. Non- conforming is the excuse I've been given by representatives of the FHA meaning (I suspect) I don't qualify for the program because I'm not "On grid". I'm in a subdivision in the Colorado mountains with many homes from a cabin to million dollar homes. Non- conforming?
#4
IMPuzzled
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Posted 28 February 2013 - 08:02 AM
Of course, I understand , from the standpoint of the FHA, that it's legal, but does that makes it morally right to deny me from the right to receive a reverse mortgage just because I'm supplying my own power? Do I have recourse?
#5
adjusterjack
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Posted 28 February 2013 - 08:29 AM
Of course, I understand , from the standpoint of the FHA, that it's legal, but does that makes it morally right to deny me from the right to receive a reverse mortgage just because I'm supplying my own power? Do I have recourse?
No recourse.
There's no illegal discrimination.
You don't have the "right" to a reverse mortgage or any loan at all.
When you want to borrow money you have to meet the lender's qualifications for the loan.
That's the long and short of it.
Your option is to apply to other lenders who might not share those limitations.
Warning: Legal issues are complicated. Explanations and comments here are simplified and might not fully explain the ramifications of your particular issue. I am not a lawyer. I do not give legal advice. I make comments based on my knowledge and experience. I guarantee nothing. If you act on my comments without the advice of an attorney, you do so at your own risk.
#6
pg1067
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Posted 28 February 2013 - 01:10 PM
Of course, I understand , from the standpoint of the FHA, that it's legal, but does that makes it morally right to deny me from the right to receive a reverse mortgage just because I'm supplying my own power? Do I have recourse?
This is FindLaw.com, not FindMorality.com, and the law does not provide recourse for things that are legal but arguably not "morally right." If a particular lender doesn't want to extend a reverse mortgage because you don't live in an area where you get power from a power company, that's entirely up to the lender. I don't know why a lender might do that, but it's certainly not illegal (and I wouldn't say that it has anything to do with morality either). Sorry.
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