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Can you obtain a reverse mortgage on mobile home?

Author: Jessica Bennet
Community Mentor
Ask Jessica
Posted on: 20th Dec, 2005 02:22pm
If you own a mobile or manufactured home then you may be thinking whether or not you will be eligible for a reverse mortgage loan. The answer is: though it is difficult but you still may be eligible for a reverse mortgage.

To qualify for a reverse mortgage on conventional home, your age should be at least 62 and you must own the conventional home as a primary residence. Again, if you own a manufactured house, you may still be eligible for the loan but the house must be built after June 15, 1976. This date is very important because this is the time when the Department of Housing and Urban Development (HUD) began regulating the construction of the mobile homes as per some stipulated guidelines on construction. Again, the floor area of the mobile home must be at least 400 square feet. The structure of the house must be built on some permanent framework. Moreover, the house must be constructed in line with the Federal Manufactured Home Construction and Safety Standards.

Merely the fact that the house was built after 1976 does not ensure that you will be approved a reverse mortgage loan. Some reverse mortgage lenders require that the manufactured house should have a minimum appraised value. Moreover, the origination fee for this loan is also relatively higher.
Posted on: 20th Dec, 2005 02:22 pm
Is it possible for people 62+ to get a reverse mortgage on a Mobile Home that is in a mobile home park?
Hi Mrs. Wilson,

Welcome to Mortgagefit Forums.

Generally reverse mortgages are not applicable to mobile home or co-operative apartments. But there are a few lenders who offer reverse mortgages on mobile /manufactured homes.

The age you have mentioned is suitable to get a mobile home loan but you may have to search for a proper lender for the program as they are not many.

You can also look for the different mobile home loan programs available to check for a suitable mortgage. Kindly, check in here for mobile home loans.

If you have any more queries, kindly post it here. We will be happy if we can offer some sort of help to you.

God bless you.

For MortgageFit,
Posted on: 20th Dec, 2005 02:39 pm
Is it required to be permanantly fixed for mobile homes to get loans?
Posted on: 20th Dec, 2005 04:33 pm
Although there are some lenders who specialize in financing loans for mobile homes that are not permanently fixed but most lenders finance double-wide homes which are permanently fixed to the foundation.
Posted on: 20th Dec, 2005 04:50 pm
FHA guaranteed reverse mortgage on manufactured or mobile homes has the following criteria and features unlike a standard home equity line of credit.
  • The youngest borrower must be aged 62 years or above.

  • No monthly payment is required as long as you occupy the residence.

  • The loan is paid off from the proceeds of the sale of the mobile home or by other means when the home no longer remains your primary residence. Your heirs or beneficiaries will not have to pay down the debt.

  • There is no income, medical or credit requirements.

  • You can receive the loan advances through different ways and not only as a lump sum amount, in the form of monthly payments or a line of credit on which interest is accrued throughout the loan term.

  • Funds generated from the reverse mortgage are free from income taxes and do not influence your Social Security or Medicare benefits.

  • You can pay off the outstanding loan balance on any other mortgage using a reverse mortgage line of credit. So you can retain your home throughout your life.
Posted on: 22nd Dec, 2005 12:57 am
THe FHA product requires the home to be built on or after 1977 with HUD seals indicating so. Land may not be leased, and a permanent foundation is needed but can be created with the loan procedes.

[Edited by Jessica as per forum rules. Thanks.]
Posted on: 28th Jan, 2006 11:53 am
What constitutes a permanent foundation?
Posted on: 15th May, 2006 03:24 pm

A permanent foundation may be defined as a structural system which is capable of transposing loads from a structure to the earth at a depth below the established frost line.

It consists of a closed perimeter formation and is made from materials like concrete, mortared concrete block or mortared brick extending inside the ground below the frost line. Cellars, basements or crawl spaces may be included in it.

Posted on: 15th May, 2006 03:54 pm
I need the names of someone I can contact on getting a reverse mortgage on my mobile home that is located in a park. I livae in Northern California
Posted on: 15th Nov, 2007 02:10 pm
Hello Marlyn,

Some of our members have already answered to your query at
Kindly, have a look at it.

A similar discussion has also been made here at
You may get some information from this.
Posted on: 16th Nov, 2007 02:38 am
want to know if I quality for a reverse mortgage in the city of Hacienda Heights, CA
Posted on: 19th Dec, 2007 10:58 am
"want to know if I quality for a reverse mortgage in the city of Hacienda Heights, CA"
Jo Bufanda,

Welcome to the forum. In response to your post, there are other details we would need to know prior to answering your question. Since you are replying to a mobile home post, am I correct in assuming that you own a mobile home? If so, is it on a permanent foundation?

The other factors we need are;

1. The age of the youngest person on title to the home or the youngest borrower?
2. What is the zip code of the property?
3. Do you currently have a mortgage? If so, what is the balance?
4. What do you estimate as the current value of your home?

If you'd like to post your answers here, we'd be happy to provide you with an answer you or if you prefer to talk directly to a mortgage professional you may request a mortgage quote(by using the tab at the top of the page) or contact one of our community lenders directly by searching the directory on the lender tab.
Posted on: 19th Dec, 2007 07:35 pm

I am a Reverse Mortgage Lender and you can get a Reverse Mortgage on your mobile home as long as you meet the age and equity requirements. Let me know if you need any further info i would be glad to help you out!

[Email address deleted as per forum rules. Thanks.]
Posted on: 20th Dec, 2007 01:51 pm
Posted on: 20th Oct, 2008 09:12 am

I don't think you will get a reverse mortgage because you do not own the land. If you would have owned the land, then you could have easily secured a reverse mortgage.

Posted on: 20th Oct, 2008 10:56 pm
can I qualify for a reverse mortgage?
Posted on: 10th Dec, 2008 06:27 am
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