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Reversr Mortgage for my Mobile Home

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jimgrainger Guest	Posted: Sat Oct 16, 2010 1:52 pm    Post subject: Reversr Mortgage for my Mobile Home Like 0 Dislike 0 I live in a mobile home park, and will turn 62 in 9 months. My mobile home is paid in full....I have no mortgage. Value of home is approximetly $75,000.00. It is NOT permantley attached to the land.....it sits on piers, but is very stable. I do not own the land, and have to pay a monthly space rent, which includes the utilities I use. I need money to use for necessary improvements to the home, and I will need help, financially, in the near future in paying the monthly rent fees. I don't want to lose my home! It's all I have. Can I use the money allotted to me from the Reverse Mortgage to satisfy the requirements needed on the property so that I qualify for the program. PLEASE HELP! Maybe someone can give me advise and direction. Thank You! Jim _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
raymond Community Expert Joined: 03 Jul 2009 Posts: 1182 Location: Irvine, California 26.95 Dollars($)	Posted: Sun Oct 17, 2010 2:12 pm    Post subject: Like 0 Dislike 0 Unfortunately, "no", and the reason is because the land underneath your property is "rented". You must own the land or have a long term leasehold agreement. _________________ Raymond Denton www.RaymondDenton.com

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