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My client lives on a 7 acre farm in Oregon. The residential area is about one acre. It has not been farmed for 3 years. Should or may she include the entire property, or just the residential area in a reverse mortgage? Does she need to partition the land, or would a legal description suffice? If she includes all the property, what would happen if she decides to farm the property next year? Would the reverse mortgage need to be refinanced?
Rockstar97321 8 months ago