Mobile home reverse mortgages for seniors

Guest

can I qualify for a reverse mortgage?

smithsussane · Posted: Wed Dec 10, 2008 10:04 pm Post subject:

Hi Monika McGall!

There are not many lenders who will be ready offer you a reverse mortgage on a mobile home. However you can speak to the lenders and check if they are ready to give you the reverse mortgage. You can even speak to the lenders of this community and seek a no-obligation free mortgage consultation from them.

Feel free to ask if you have further queries.

Sussane

Guest

My mother has recently retired and due to health reasons is no longer able to work. She has discovered that her social security benefits do not cover her monthly bills. I am interested in helping her refinance her existing loan in order to help reduce her monthly bills. She has 18 years left on the loan and it was written for land and an older mobile home on a cement pad. Any suggestions?

smithsussane · Posted: Wed Mar 25, 2009 10:10 pm Post subject:

Hi Sandra!

Welcome to forums!

If she is not employed any more, then the lender may not be ready to refinance the property. But if you co-sign while refinancing, then I don't think there would be a problem. However, in order to refinance the existing loan, there should be equity in the property.

Sussane

Guest

we have a 1974 double wide permanent foundation with 1 acre paid for is there any way we c get a reverse mortgage. ihave searched all over please if you can its in idaho

thank you
carol

savior70 · Posted: Fri Jun 05, 2009 5:15 am Post subject:

Hi

In order to qualify for any mortgages, the mobile homes have to comply with the regulations of the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. This is the reason why mobile homes built prior to 1976 do not get approved for any mortgages. So, getting a reverse mortgage on your 1974 mobile home doesn't look possible.

raymond · Posted: Fri Jul 03, 2009 10:11 am Post subject:

Reverse Mortgages are compatible with Manufactured Homes if they're on a HUD-approved permanent foundation and manufactured after June 15, 1976. The ground beneath the manufactured home can not be rented, however, it can be leased (certain conditions apply if it's leased).

If you don't know if you have a permanent foundation, see if form 433A has been recorded against your Title. If it has, chances are very good you have the proper foundation. If it's not recorded, you probably need to install the foundation. No worries though because the installation can be paid from the proceeds of the loan. Chances are very good you'll need appropriate skirting too, and the folks who do the foundation will also be able to install the skirting.

Guest

I have a 2002 Cavalier 28' by 66' with fireplace on 21/2 acres with concrete block perimeter foundation.

raymond · Posted: Sun Sep 13, 2009 9:24 am Post subject:

You'll need a Civil Engineer to inspect your foundation to see if it adheres to HUD's guidelines.

[External link removed as per forum rules]

Guest

hi am june and my dad is 80 and owns 11,000 on his double wide and land he wants to pull some equity out of his house, is this possible?

jenkin7 · Posted: Mon Sep 21, 2009 11:44 pm Post subject:

Hi June,

If your dad wants to pull out around $11000 equity, he can go for a home equity loan. He does not need to go for a reverse mortgage for such small amount. If he needs a larger amount of money, a reverse mortgage would be a good option. The reason I say this is, he will have to put a good amount of money to close on a reverse mortgage. A home equity loan, in my opinion, would be a better option in this situation.

raymond · Posted: Tue Sep 22, 2009 7:33 am Post subject:

Yes June, it's possible, as long as the Manufactured Home was built after June 15, 1976. A Reverse Mortgage will pay off his existing lien of $11,000.00, ending his monthly mortgage payments, and enable him to access the equity.

Guest

I own clear and clean, 10 acres plus have two garages, one on a full foundation and the other a "pole building" with concrete floor. My home is a 2004 doublewide, but it is on concrete pilings, not a full foundation. I have ALL utilities. Is there any reverse mortgage lender in Pa or who can deal in Pa, who would do a reverse mortgage on my set-up?

raymond · Posted: Tue Sep 22, 2009 8:43 am Post subject:

Your property is perfect for a Reverse Mortgage, but you'll need to have a HUD-approved permanent foundation installed first. A Civil Engineer who specializes in HUD-approved foundations will inspect your foundation and provide a report that explains what needs to be done to bring it up to HUD's guidelines, and a quote. Then the foundation will be retrofited, and a 433A will be recorded against your Title after it's complete. I use www.onthelevelcontractors.com for this purpose and they've helped a lot of my clients. In a case like yours, where you don't owe anything, they'll even accept payment from the proceeds of the loan when it funds, so you won't have to pay anything up front for the foundation work. Ask for Janis Arendsen - she's the representative I use and she's really helpful. I can do the Reverse Mortgage portion if you'd like me to.

Guest

You answered my above question, but where is the contractor located that you provided the link for. I would need someone to counsel me, and also an engineering firm to assess my foundation needs, who are located in Pennsylvania.
I think mobile home owners in general are being discriminated at. I don't need a foundation or basement, which is why I didn't have one installed at the setting of the mobile home. A good portion of my reverse mortgage would end up going into a foundation which I don't need, and not to helping me become solvent in my financial status.

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