Farm Reverse Mortgages

Farm Reverse Mortgages

Farming has always been a tough lifestyle, especially for the small farmers in this country. Many smaller farmers have been very adaptable in finding ways to keep their operations working and making a profit.  Increases in energy, supplies, transportation and other essentials that are needed to keep a farm operating are making it tougher every day.  Adding to this the competition from larger corporate farms and imports are making it nearly impossible for some to survive.  Reverse farm mortgages are another possibility which will give these farmers access to some of the funds locked up in their farm property without needing to have to sell the farm.

A farm reverse mortgage is a special type of loan which enables a farmer to covert a portion of the equity in their farm into tax free income. The equity built up over years of operating the farm and the increases in value of the property are the largest single source of potential funding for many of these farms. These types of mortgages are unlike a traditional equity loans or second mortgages, when a lump sum is provided and then repaid over time.  With a reverse mortgage, a lender provides funds to the farmer without requiring the farmer to give up title, or selling the farm. 

There are a number of different methods that are used to avail the funds to the farmer:
·      A single lump sum of cash 
·      Monthly payments
·      An account with a credit line
·      A combination of all the above payment methods.
Regardless of the way the loan is given out to the borrower, usually repayment of said loan will only need to be repaid when either the principle borrower dies or relocates on a permanent basis away from the farm. 

Farmers are advised to seek out more information by getting in touch with an independent reverse mortgage counselor prior to submitting their application to the program.  Once this is done the farmer can be well informed and educated on reverse mortgages and they can also get assistance when trying to decide which of the products suits their specific situation.  You can also get more information about farm reverse mortgages by contacting the local farm bureau, credit union or financial institution.  Since the farm probably your largest single investment and may have been in the family for years, it is smart to know more about this product before deciding if it is right for you.

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