| Author |
Message |
|
|
 kelleyknowles
Joined: 15 Nov 2007
Posts: 1
1.00 Dollars($)
|
 Posted: Thu Nov 15, 2007 4:02 pm Post subject: Reverse Mortgage - Mobile Home in Park |
|
|
| who can I contact to get help on getting a reverse mortgage on my mobile. I live in northern california |
|
| |
|
 |
michelle
Moderator
Joined: 08 Oct 2007
Posts: 142
37.22 Dollars($)
|
| 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.
_________________
Michelle Keck
Mortgage Network Solutions
302-655-2551
www.michellekeck.com |
|
| |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 880
131.00 Dollars($)
|
| Posted: Thu Nov 15, 2007 10:34 pm Post subject: |
|
|
Hello Kelley,
You may not qualify for a reverse mortgage program if your mobile home is on a rented land.
But if it is in a mobile park, on the land that you own, you will qualify for a reverse mortgage. You may try for HUD's Home Equity Conversion Mortgage Program (HECM).
But before anything else, your age must be 62 years and above, with a very low outstanding balance.
You will find more information on mobile home reverse mortgage at http://www.mortgagefit.com/discuss/homemobile-reverse.html |
|
| |
|
|
larry
Joined: 27 Jun 2007
Posts: 2598
349.41 Dollars($)
|
| Posted: Fri Nov 16, 2007 1:43 am Post subject: |
|
|
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
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
|
| Posted: Fri Nov 16, 2007 4:20 am Post subject: Tony Golden |
|
|
Hello Kelly,
You are welcome to contact me or request a quote through the forum. My details are at the bottom of this message. Mobiles homes are eligible for reverse mortgages but the age, value, land ownership and recorded ownership are all factors we need to consider.
An engineering inspection is highly suggested before doing anything. The biggest complication on mobile homes is the met requirements of setting up and securing the home. There is a misconception that home must be on a permanent foundation but that is misunderstood. What we think is a permanent foundation is differant then the HUD requirements.
I can have someone explain in detail if you care to contact me,
I hope this helps
Regards
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
|
| |
|
|
Caron
Moderator
Joined: 19 Jul 2005
Posts: 1322
Location: florida
218.39 Dollars($)
|
| 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 
_________________
Mortgage Shopping made easy with booklet |
|
| |
|
|
