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CAN MY MOM GET A REVERSE MORTGAGE ON A MOBILE HOME IN A PARK

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TONYOC420 Joined: 03 Mar 2008 Posts: 1 1.48 Dollars($)	Posted: Mon Mar 03, 2008 12:50 pm    Post subject: CAN MY MOM GET A REVERSE MORTGAGE ON A MOBILE HOME IN A PARK Like 0 Dislike 0 MY MOM IS 79YRS OLD,OWNS HER MOBILE HOME,DOUBLE WIDE BUILT IN 1979. SHE IS DEEPLY IN DEBT AND HER SOCIAL SECURITY IS BARELY ENOUGH TO PAY HER BILLS. HER HOME IS IN A 55+ PARK, ON RENTED SPACE AND I DONT THINK IT IS ON A PERMANENT FOUNDATION. ARE THERE ANY INSTITUTIONS THAT CAN GET HER A REVERSE MORTGAGE? THIS WOULD GREATLY HELP HER FINANCIAL SITUATION. I WOULD HELP HER IF I COULD BUT AM FINANCIALLY STRAPPED AS WELL. ANY SUGGESTIONS OR INFORMATION WOULD REALLY BE APPRECIATED! THANK YOU ALL VERY MUCH!
Jeanette Community Expert Joined: 19 Oct 2007 Posts: 121 Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia 36.28 Dollars($)	Posted: Mon Mar 03, 2008 6:04 pm    Post subject: Like 0 Dislike 0 Your mom is definantly of age but she would need to have a lot of built up equity to be able to do reverse mortgages. In a 1979 mobile home I really do not think she will be able to get a reverse mortgage on a mobile home. However, again if she currently have a mortgage with a balance and her property value is much more than her balance owed then it is possible. Now, if she paid your mortgage off in full then she might have a lot of build but equity. The question is does this applies to 1979 mobile homes. Jean Loan Officer
kpatrick Joined: 29 Oct 2007 Posts: 155 Location: Atlanta, Georgia 41.72 Dollars($)	Posted: Mon Mar 03, 2008 8:45 pm    Post subject: Like 0 Dislike 0 Hi Tonyoc420, Welcome to the forum. I am not well versed on reverse mortgages, but have been in the mortgage biz for quite a few years, and I do not know of any lender who will lend money on a mobile home that is not on a permanent foundation, AND on a rented space. I think the age of the home is going to be another challenge. Sorry I can't offer more uplifting news... _________________ (770) 886-3140
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Tue Mar 04, 2008 3:47 am    Post subject: Like 0 Dislike 0 Tonyoc, Without a permanent foundation, it is really hard to get a mortgage on the mobile home. But as I am not sure, I shall advise that you/your mom should seek free counseling from the lenders in this community and find out the right loan offer that can best suit your requirements. As for information, you may go through the Mobile home loan faqs section to know more about reverse mtgs offered against such properties. _________________ Procrastination is the enemy of your financial success
bthahir Joined: 05 Sep 2007 Posts: 36 13.34 Dollars($)	Posted: Tue Mar 04, 2008 2:33 pm    Post subject: HI Like 0 Dislike 0 Your mom lives in mobile home but doesn't own the land. 95% of lenders wont do this because its a basical guideline for a mobile home to be fixed to a permament foundation and the land should be owned the house owner. The best thing would be to sell the property and payoff the debts, if your mom can stay in your home.
enriko Joined: 05 Mar 2008 Posts: 67 0.07 Dollars($)	Posted: Wed Mar 05, 2008 5:17 am    Post subject: Like 0 Dislike 0 im sorry , but i think that majority of lenders wont do that:( _________________ http://www.ezylet.co.uk/- Life of landlords and tenants made ezy!
patricia Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)	Posted: Sat Mar 08, 2008 11:02 am    Post subject: Like 0 Dislike 0 What exactly is a reverse mortgage loan and what are the guidelines to do this?
harry davis Guest	Posted: Tue Sep 23, 2008 3:32 pm    Post subject: securing a reverse mortgage Like 0 Dislike 0 I own a Mobile home free and clear and would like to secure a reverse mortgage.It in not on a permanent foundation however and am being told that i cant get a reverse mortgage.I am 73 years old,The value is about 20.000 dollars.
smithsussane Joined: 18 Sep 2008 Posts: 10038 Location: Alaska 920.62 Dollars($)	Posted: Wed Sep 24, 2008 1:08 am    Post subject: Like 0 Dislike 0 Hi Harry Davis! Welcome to the Forum! Lenders do not offer reverse mortgage on mobile homes. Considering your age, yes, you can apply for reverse mortgage but you will have to find a lender for that. You can go through the following link which discusses reverse mortgage: http://www.mortgagefit.com/discuss/homemobile-reverse.html Feel free to ask if you have further queries. Sussane
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Wed Sep 24, 2008 10:47 am    Post subject: Like 0 Dislike 0 A reverse mortgage is a loan that allows seniors (over 62) to use their existing equity to cover their payments for the rest of their life - in some cases even receiving money to do so. The guidelines are fairly simple Must be 62 and must have equity The beginning loan to value needs to be low. I was told to take the age and subtract 30 to see what LTV they will need (roughly) so a 62 year old person would need to owe at or less than 32% Hope that helps OP no you cannot do a reverse on a home in a park _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com

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