Posted on: 04th Jun, 2009 06:56 pm
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
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.
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.