Criteria for Reverse Mortgages on Mobile Home

sanbv · Joined: 24 Jan 2007 Posts: 1 1.57 Dollars($)

Do you do reverse mortgages on mobile homes, and if so, what are the criteria?

Guest

As far as I know reverse mortgage programs are generally not offered for lower value mobile homes or co-operative apartments.

Guest

Hi Sanbv,

Not many lenders do reverse mortgage for mobile homes, but you would find some if you search. More preference is given to mobile homes which are permanently fixed to the foundation.

Bruce Wilkinson

Guest

There are lenders who will do a reverse on mobile homes. The criteria that generally disqualifies the property is that the homeowner does not own the land. If they are taxed as real property & own the land the mobile or mfg'd home sits on they may qualify. Also needs to have HUD tags post 1978.

kenstampe · Posted: Wed Jan 24, 2007 3:49 pm Post subject:

As you have already received responses of "yes" you may want to call Financial Freedom directly or else try Wells Fargo. They are the two largest reverse mortgage lenders in the country. Now, you may not want them to be your lender as the person you talk to when you call will be in a call center and most people prefer to work with a local person. On a loan like a reverse mortgage, you need to feel comfortable with your loan officer. Because there are only 3 choices and over 90% of all reverse mortgages written are done on the FHA (HECM) program, one answer from one lender will pretty much apply to all other lenders. In other words, if it meets FHA guidelines every lender you talk to is going to follow the same standardized FHA guidelines. So call one of the "big guys" to get some more specific information about your property. Then decide who you want to be your loan officer and lender.

good luck.

Caron

Hi Sanbv,

Welcome to our forums.

In general, the criteria for mobile home reverse mortgage require that you should be 62 years old or above. There are no income, credit and medical requirements also.

The best thing about such programs is that you need not pay income tax on the loan proceeds. Also, it does not affect your Social Security and Medicare benefits.

Just check out our community discussion on Mobile home reverse mortgage for more information on this issue.

I believe one should be fully aware before taking out a loan program. If you are interested in getting such a loan, let us know about your requirements.

We do have a community of lenders helping people with various financing options. If you are interested, just send us your Request for free consultation with the loan requirements and minimum details. We can then locate the lender from within our community and forward your details. If the lenders' profile matches your requirements and details, they shall contact you asap.

Thanks,

Caron.

raymond · Posted: Wed Nov 04, 2009 9:27 am Post subject:

>>Do you do reverse mortgages on mobile homes, and if so, what are the criteria?

Yes. The Manufactured Home must be built after June 15, 1976, and be on a HUD-approved permanent foundation. If a permanent foundation isn't available, one can be installed and paid for from the proceeds of the Reverse Mortgage when it funds (they cost approximately $4,000.00).

The Manufactured Home must be "real property". That means it has to be installed on land that's not rented. The land must be owned by the homeowner, or a leasehold (a 99 year lease that's renewable)

All times are GMT - 7 Hours

Page 1 of 1