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kelleyknowles · Joined: 15 Nov 2007 Posts: 1 1.00 Dollars($)

who can I contact to get help on getting a reverse mortgage on my mobile. I live in northern california

michelle · Posted: Thu Nov 15, 2007 8:06 pm Post subject:

Kelley,

Welcome to the forum.

Since the home is in a park, I assume you do not own the land. Am I correct?

If the home is on rented land, I am not aware of any reverse mortgage program available.

jenkin7 · Posted: Thu Nov 15, 2007 10:34 pm Post subject:

Hello Kelley,

You may not qualify for a reverse mortgage program if your mobile home is on a rented land.

But if it is in a mobile park, on the land that you own, you will qualify for a reverse mortgage. You may try for HUD's Home Equity Conversion Mortgage Program (HECM).

But before anything else, your age must be 62 years and above, with a very low outstanding balance.

You will find more information on mobile home reverse mortgage at http://www.mortgagefit.com/discuss/homemobile-reverse.html

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Kelley,

Welcome to the forum.

To get reverse mortgage your age should be 62 or above and your mobile home should have a permanent structure.

There are more than 500 registered members in this forum. You can try to contact them. They may help you out.

Thanks,
Larry

tgolden · Posted: Fri Nov 16, 2007 4:20 am Post subject: Tony Golden

Hello Kelly,
You are welcome to contact me or request a quote through the forum. My details are at the bottom of this message. Mobiles homes are eligible for reverse mortgages but the age, value, land ownership and recorded ownership are all factors we need to consider.

An engineering inspection is highly suggested before doing anything. The biggest complication on mobile homes is the met requirements of setting up and securing the home. There is a misconception that home must be on a permanent foundation but that is misunderstood. What we think is a permanent foundation is differant then the HUD requirements.

I can have someone explain in detail if you care to contact me,

I hope this helps
Regards
Tony Golden

Caron · Posted: Fri Nov 16, 2007 10:27 am Post subject: RE: who can offer reverse loans

Hi Kelly,

It's good to hear that you have decided to take a reverse mortgage. it's an excellent financial tool for the aged.

If you wish to get a reverse home loan on your property, you may consider consulting such lenders in our community. We do have a network of some helpful lenders who are out there to provide financial options for one and all having different income and credit profiles. However, for reverse loans there aren't such criteria and that's their beauty.

What you can do is, just send in your request for mortgage quotes with the minimum details, which we can pass on to the community lenders and they'll find out if they can offer you the loan. If they feel you can be the right person to deal with, they'll contact you asap.

Good luck Smile

Guest

We meet all the criteria except we do not own the land. We have a 20 year lease, of which 14 years remain. Our place was built in 1997, it is 1750 sf plus a 2 car garage, patio, pergola, definitely on a permanent foundation.

Any chance for a reverse on this place. We own the home, no mortgage. Paid $150K plus 20K in renovations.

smithsussane · Posted: Wed Oct 20, 2010 9:29 pm Post subject:

Hi Julian!

Welcome to forums!

As you do not own the land, I don't think you'll be able to get a mortgage on that property. Nevertheless, you should contact your lender and apply for a reverse mortgage. The lender may let you know whether or not you can qualify for a mortgage.

Suusane

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