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Is it possible for people 62+ to get a reverse mortgage on a Mobile Home that is in a mobile home park?

reversemortgagesss1's picture
reversemortgagesss1 | Joined: April 15, 2013 06:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It is an option for mobile home owners,who are at least 62 years of age,whose homes are built after 1976 and the home sits on a permanent foundation on the land that the mobile home owner owns.

Like | Dislike | Share | Posted: Mon, 04/15/2013 - 06:53 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Thu, 11/15/2007 - 14:10 | Post subject:

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jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Marlyn,

Some of our members have already answered to your query at [url]http://www.mortgagefit.com/reverse-8.html[/url]
Kindly, have a look at it.

A similar discussion has also been made here at [url]http://www.mortgagefit.com/california/mobilehome-reverseloan.html[/url]
You may get some information from this.

Like | Dislike | Share | Posted: Fri, 11/16/2007 - 02:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

want to know if I quality for a reverse mortgage in the city of Hacienda Heights, CA

Like | Dislike | Share | Posted: Wed, 12/19/2007 - 10:58 | Post subject:

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michelle | Joined: October 8, 2007 07:23 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote]want to know if I quality for a reverse mortgage in the city of Hacienda Heights, CA[/quote]

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.

Like | Dislike | Share | Posted: Wed, 12/19/2007 - 19:35 | Post subject:

brad's picture
brad | Joined: December 17, 2007 02:44 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Maryln,

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!

[size=9:2702609f80][color=Red:2702609f80][Email address deleted as per forum rules. Thanks.][/color:2702609f80][/size:2702609f80]

Like | Dislike | Share | Posted: Thu, 12/20/2007 - 13:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I LIVE IN A MODULE HOME ON RENTED GROUND IN PA. IS IT POSSIBLE TO GET A REVERSE MORTAGE?

Like | Dislike | Share | Posted: Mon, 10/20/2008 - 09:12 | Post subject:

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jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dOROTHY!

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.

Thanks.

Like | Dislike | Share | Posted: Mon, 10/20/2008 - 22:56 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Monika McGall!

There are not many lenders who will be ready offer you a reverse mortgage on a mobile home. However you can speak to the lenders and check if they are ready to give you the reverse mortgage. You can even speak to the lenders of this community and seek a no-obligation free mortgage consultation from them.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 12/10/2008 - 21:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can I qualify for a reverse mortgage?

Like | Dislike | Share | Posted: Wed, 12/10/2008 - 06:27 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am 64, have a 50K loan against my 2003 double located on my 7 acres in Florida. I pay property taxes. Can I get a reverse mortgage?

Like | Dislike | Share | Posted: Mon, 03/28/2011 - 20:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mother has recently retired and due to health reasons is no longer able to work. She has discovered that her social security benefits do not cover her monthly bills. I am interested in helping her refinance her existing loan in order to help reduce her monthly bills. She has 18 years left on the loan and it was written for land and an older mobile home on a cement pad. Any suggestions?

Like | Dislike | Share | Posted: Wed, 03/25/2009 - 05:01 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sandra!

Welcome to forums!

If she is not employed any more, then the lender may not be ready to refinance the property. But if you co-sign while refinancing, then I don't think there would be a problem. However, in order to refinance the existing loan, there should be equity in the property.

Sussane

Like | Dislike | Share | Posted: Wed, 03/25/2009 - 22:10 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we have a 1974 double wide permanent foundation with 1 acre paid for is there any way we c get a reverse mortgage. ihave searched all over please if you can its in idaho

thank you
carol

Like | Dislike | Share | Posted: Thu, 06/04/2009 - 18:29 | Post subject:

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savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

In order to qualify for any mortgages, the mobile homes have to comply with the regulations of the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. This is the reason why mobile homes built prior to 1976 do not get approved for any mortgages. So, getting a reverse mortgage on your 1974 mobile home doesn't look possible.

Like | Dislike | Share | Posted: Fri, 06/05/2009 - 05:15 | Post subject:

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Reverse Mortgages are compatible with Manufactured Homes if they're on a HUD-approved permanent foundation and manufactured after June 15, 1976. The ground beneath the manufactured home can not be rented, however, it can be leased (certain conditions apply if it's leased).

If you don't know if you have a permanent foundation, see if form 433A has been recorded against your Title. If it has, chances are very good you have the proper foundation. If it's not recorded, you probably need to install the foundation. No worries though because the installation can be paid from the proceeds of the loan. Chances are very good you'll need appropriate skirting too, and the folks who do the foundation will also be able to install the skirting.

Like | Dislike | Share | Posted: Fri, 07/03/2009 - 10:11 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mary!

Welcome to forums!

You can get a reverse mortgage on the property. However, you'll have to pay off the existing mortgage on the property as soon as you receive the reverse mortgage.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 03/29/2011 - 00:32 | Post subject:

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