reverse mortgage

resvourhog · Joined: 09 Jun 2009 Posts: 2 1.81 Dollars($)

can you recieve a reverse mortgage on a mobile home thats paid off but is on land that you rent? my sister bought mobile home 2 years ago and paid 70,000 cash. now she would like second home in florida. her age is 68.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

reverse mortgage needs to be owner occupied so you will not be able to do that

jerry · Posted: Thu Jun 11, 2009 3:36 am Post subject:

Hi resvourhog,

Your sister cannot get a reverse mortgage on her mobile home, if she is planning to rent this out and buy another house in Florida. A reverse mortgage can be obtained only on a primary residence. So, as Brian has mentioned, your sister has to occupy the mobile home in order to be able to get a reverse mortgage on it.

Thanks,

Jerry

raymond · Posted: Sat Oct 10, 2009 10:29 am Post subject:

>>can you recieve a reverse mortgage on a mobile home thats paid off but is on land that you rent?

"no" if it's rented - "yes" if it's a leasehold

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