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 oiler98_99
Joined: 29 May 2009
Posts: 2
1.29 Dollars($)
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 Posted: Thu Jun 04, 2009 6:56 pm Post subject: can i grt a reverse mortage on older mobile home/landajd for |
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| i have a 1974dlb wide on 1 acre permanent foundation all paid for want to know if i can get a reverse mortgage its in idaho |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Thu Jun 04, 2009 8:20 pm Post subject: |
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Hi oiler!
Welcome to forums!
Getting a reverse mortgage on such an old property is not possible in my opinion. Mobiles homes or manufactured homes which were built prior to 1976 hardly qualify for any type of mortgage because lenders are concerned over the quick depreciation of such a home compared to a traditional site-built houses. To know more about mobile home loans, check out the following link:
http://www.mortgagefit.com/mobile-homeloan.html
Feel free to ask if you have further queries.
Sussane |
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robertsmith2005
Joined: 22 May 2009
Posts: 338
-0.33 Dollars($)
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| Posted: Fri Jun 05, 2009 8:07 am Post subject: |
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Some of the conditions are:
1 You and your co-borrower, if any, should be aged 62 years or above.
2 You should be the owner of the property against which you intend taking the reverse mortgage.
3 You should occupy the property as your primary residence.
4 There should be enough equity in your home.
5 If there are past debts on your home, pay them off prior to taking out the loan or else pay them off right after you get the loan funds.
6 However, properties like townhomes, condominiums, mobile homes and modular homes often qualify only if they meet the criteria set by the FHA. For mobile homes, one has to own the land in addition to satisfying the criteria set by FHA. |
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