Posted: Mon Mar 03, 2008 12:50 pm Post subject: CAN MY MOM GET A REVERSE MORTGAGE ON A MOBILE HOME IN A PARK
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!
Your mom is definantly of age but she would need to have a lot of built up equity to be able to do a reverse mortgage. 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.
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.
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 sucess
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.
TONYOC420
