Posted: Thu Oct 22, 2009 1:14 pm Post subject: In Park Reverse Mortage Boondoggle
Please Help.. There must be a way that "old people" like me (68yrs and more), that can get something out of their "in park" (leased land) can get some badly needed money from their mobil home, outside of selling it outright. There seems to be no one out there that does this. You talk about government stimulous, this one would be huge. Mine is paid for and is free and clear of any leans. Why can't we, (old people), get the same treatment as any other homeowner. Is it because there's not enough money in it for them to latch onto it after we die?
As far as I know, lenders hardly give reverse mortgage for mobile homes. Reverse mortgages are not applicable for mobile/manufactured homes. For further details, you can take a look at the given page:
http://www.mortgagefit.com/discuss/homemobile-reverse.html#2917
However, you can look out for personal property loans if you are in need of money. However, these loans are available at a higher rate of interest. _________________ Procrastination is the enemy of your financial success
I've funded lots of Reverse Mortgage for homeowners with Manufactured Homes.
The Manufactured has to be "real property" or a "leasehold". "Real Property" means you own the land underneath the home, "leasehold" means you have a 99 year lease, and it's renewable for 99 more years.
Additionally, the Home must be Manufactured after June 15, 1976, and be on a HUD-approved premanent foundation. If it's not on that type of foundation, you can have one installed and paid for when the loan funds.
wclark19
Please Help.. There must be a way that "old people" like me (68yrs and more), that can get something out of their "in park" (leased land) can get some badly needed money from their mobil home, outside of selling it outright. There seems to be no one out there that does this. You talk about government stimulous, this one would be huge. Mine is paid for and is free and clear of any leans. Why can't we, (old people), get the same treatment as any other homeowner. Is it because there's not enough money in it for them to latch onto it after we die?
