Can an RM be taken on property with no dwelling?

A home equity conversion mortgage (aka reverse mortgage) cannot be used on land only. The subject property must require a qualified residential structure and be properly zoned accordingly. Happy Holidays!

Hi Jennin,If you want to move there and stay there a reverse mortgage will work. You could get a regular construction loan and use the reverse mortgage as what we call your end loan. Be careful if you want to put a log home or manufactured home on it, because some lenders do not allow a reverse mortgage on them. If you have your current home free and clear, I would suggest take a reverse mortgage on it as your construction loan. If you have any questions check out my website and call me: https://www.ireverse.com/gcrist/ask.html

HECM or Reverse mortgage, is intended for the primary residence only. If you have no intention of building and living on this property, then it will never qualify for a reverse mortgage. WilliamAcres.com

Because a Reverse Mortgage can only be obtained on the borrower's primary residence, the answer is no. If there is no dwelling, it cannot be a primary residence. Sorry, I now this wasn't the answer you were looking for.