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Can you obtain a reverse mortgage on mobile home?

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.

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

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dljbwebb,

It will be completely the lender's discretion whether or not he will provide you with a reverse mortgage. If you don't meet the criteria, the lender will deny your request. Moreover, it should be noted here that mobile homes hardly qualify for reverse mortgages.

Like | Dislike | Share | Posted: Tue, 11/06/2012 - 21:20

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

hi am june and my dad is 80 and owns 11,000 on his double wide and land he wants to pull some equity out of his house, is this possible?

Like | Dislike | Share | Posted: Mon, 09/21/2009 - 22:49 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Lenders don't prefer giving reverse mortgages to mobile homes as they lose value quickly. Nevertheless, you will have to speak to the local lenders and check out if they can help you with a reverse mortgage.

Like | Dislike | Share | Posted: Wed, 03/06/2013 - 21:23

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jep,

Yes, it is difficult to get a loan for such a small amount. You should get in touch with the local personal loan lenders and check out if they can help you with a personal property loan.

Like | Dislike | Share | Posted: Sun, 10/06/2013 - 23:01

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

Hi June,

If your dad wants to pull out around $11000 equity, he can go for a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url]. He does not need to go for a reverse mortgage for such small amount. If he needs a larger amount of money, a reverse mortgage would be a good option. The reason I say this is, he will have to put a good amount of money to close on a reverse mortgage. A home equity loan, in my opinion, would be a better option in this situation.

Like | Dislike | Share | Posted: Mon, 09/21/2009 - 23:44

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

we own our modular home but not the land Its current value is 160,000.00 Could we get a 10,00.00 dollar loan for home improvements

Like | Dislike | Share | Posted: Mon, 05/10/2010 - 11:18 | Post subject:

hecmrev's picture
hecmrev | Joined: October 10, 2009 09:30 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It is possible to get a reverse mortgage on a mobile home if you do not own the land and are leasing the land. However, there are certain guidelines that must be followed. Whoever is leasing the land would have to agree to a 99 yr lease as well.

Feel free to contact me with any additional questions about getting a reverse mortgage for mobile homes on leased land.

Like | Dislike | Share | Posted: Wed, 12/02/2009 - 22:13

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

Yes, as long as it's a 99 years lease that's renewable.

Like | Dislike | Share | Posted: Mon, 05/10/2010 - 12:58

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

You'll need a Civil Engineer to inspect your foundation to see if it adheres to HUD's guidelines.

[size=9:dd39bdcbcb][color=Red:dd39bdcbcb][External link removed as per forum rules][/color:dd39bdcbcb][/size:dd39bdcbcb]

Like | Dislike | Share | Posted: Sun, 09/13/2009 - 09:24

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

I'm 61 own my mobilhome & land & can't get a loan on it. It as worth 40,000.But that isnt enough for anyone.

Like | Dislike | Share | Posted: Fri, 10/04/2013 - 09:10 | Post subject:

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

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.

[color=red:22101767c7][size=9:22101767c7][Edited by Jessica as per forum rules. Thanks.][/size:22101767c7][/color:22101767c7]

Like | Dislike | Share | Posted: Sat, 01/28/2006 - 11:53 | Post subject:

zboyle's picture
zboyle | Joined: July 16, 2010 09:34 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

The mobile home must be fixed to a permanent foundation and plate verifying it was built after 1977. An engineers report is required to verify the home is fixed to the permanent foundation. If your home is not tied down but rests on a slab you can have straps tie your home down that go over the roof of the home, this is not very cosmetically appealing but gets the job done. You must own the land, not rent for a reverse mortgage. Some lenders do lend on leasehold property which normally has a 50 or 100 year lease (barrier islands of Long Island, Battery Park of Manhattan)

Like | Dislike | Share | Posted: Fri, 07/16/2010 - 21:59 | Post subject:

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

I have a double wide mobile home on a permanent foundation located on my private property in Northern California. I would like information on a reverse mortgage for this. Can you tell me of any programs available in my area. Every company I have spoke to have told me that "if the home was brought in on wheels" I can not get a reverse mortgage. Is this true? All wheels and axles were removed when it was placed on the permanent foundation. I really need help financially and this is the only way I can see of securing my future. Thank you for your help.

Like | Dislike | Share | Posted: Sat, 03/01/2014 - 23:01 | Post subject:

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

Yes June, it's possible, as long as the Manufactured Home was built after June 15, 1976. A Reverse Mortgage will pay off his existing lien of $11,000.00, ending his monthly mortgage payments, and enable him to access the equity.

Like | Dislike | Share | Posted: Tue, 09/22/2009 - 07:33

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

I own clear and clean, 10 acres plus have two garages, one on a full foundation and the other a "pole building" with concrete floor. My home is a 2004 doublewide, but it is on concrete pilings, not a full foundation. I have ALL utilities. Is there any reverse mortgage lender in Pa or who can deal in Pa, who would do a reverse mortgage on my set-up?

Like | Dislike | Share | Posted: Tue, 09/22/2009 - 07:55 | Post subject:

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

Your property is perfect for a Reverse Mortgage, but you'll need to have a HUD-approved permanent foundation installed first. A Civil Engineer who specializes in HUD-approved foundations will inspect your foundation and provide a report that explains what needs to be done to bring it up to HUD's guidelines, and a quote. Then the foundation will be retrofited, and a 433A will be recorded against your Title after it's complete. I use www.onthelevelcontractors.com for this purpose and they've helped a lot of my clients. In a case like yours, where you don't owe anything, they'll even accept payment from the proceeds of the loan when it funds, so you won't have to pay anything up front for the foundation work. Ask for Janis Arendsen - she's the representative I use and she's really helpful. I can do the Reverse Mortgage portion if you'd like me to.

Like | Dislike | Share | Posted: Tue, 09/22/2009 - 08:43

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Lynn,

It is difficult to qualify for a reverse mortgage on mobile home. Nevertheless, you should speak to the local lenders and check out if they can help you with a reverse mortgage on your mobile home.

Like | Dislike | Share | Posted: Wed, 02/09/2011 - 22:59

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

Hi Dottie!

Welcome to forums!

It is quite difficult to qualify for a reverse mortgage on a mobile home as such homes lose out on their equity easily. Thus, lenders don't prefer offering reverse mortgages on such properties.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 02/21/2013 - 22:01

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

I have a 1978 single wide with an addition on 6.8 acres. I don't have a foundation under my home can I qualify for a reverse mortgage?

Like | Dislike | Share | Posted: Thu, 10/04/2012 - 12:51 | Post subject:

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 own a share in a resident owned Mobile Home Cooperative. The Sahre sold for $46000. I own he share. Can I get a reverse mortgage?

Like | Dislike | Share | Posted: Mon, 08/30/2010 - 09:44 | Post subject:

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

i have a mobil home with hadite blocks and tie downs metal straps drilled in the ground. will i be able to get a reverse mortg.it is a2012 model 15x76 with 2 acres.

Like | Dislike | Share | Posted: Tue, 03/05/2013 - 14:07

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

You answered my above question, but where is the contractor located that you provided the link for. I would need someone to counsel me, and also an engineering firm to assess my foundation needs, who are located in Pennsylvania.
I think mobile home owners in general are being discriminated at. I don't need a foundation or basement, which is why I didn't have one installed at the setting of the mobile home. A good portion of my reverse mortgage would end up going into a foundation which I don't need, and not to helping me become solvent in my financial status.

Like | Dislike | Share | Posted: Thu, 10/15/2009 - 12:14 | Post subject:

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

the "lender" tab above lists a lot of lenders but are any in Pennsylvania? Secondly, a "type of loan" window pops up, but doesn't list reverse as a choice.

Like | Dislike | Share | Posted: Thu, 10/15/2009 - 12:17 | Post subject:

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

The mobile home and land are deeded as one. Can I get a reverse mortgage on that in PA. If so who would lenders be?

Like | Dislike | Share | Posted: Wed, 02/20/2013 - 21:50 | Post subject:

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

I'm a Reverse Mortgage Lender in PA and can help you. My number is 800-516-0089.

Like | Dislike | Share | Posted: Thu, 10/15/2009 - 12:56

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

FHA guaranteed reverse mortgage on manufactured or mobile homes has the following criteria and features unlike a standard home equity line of credit.
[list:2eeca3d336][*:2eeca3d336]The youngest borrower must be aged 62 years or above.

[*:2eeca3d336]No monthly payment is required as long as you occupy the residence.

[*:2eeca3d336]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.

[*:2eeca3d336]There is no income, medical or credit requirements.

[*:2eeca3d336]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.

[*:2eeca3d336]Funds generated from the reverse mortgage are free from income taxes and do not influence your Social Security or Medicare benefits.

[*:2eeca3d336]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.[/list:u:2eeca3d336]

Like | Dislike | Share | Posted: Thu, 12/22/2005 - 00:57 | Post subject:

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

Hi Darlene,

Most of the times, reverse mortgage lenders are sceptical in giving reverse mortgages. It will depend upon the lender as to whether ir not he will give you a loan.

Thanks

Like | Dislike | Share | Posted: Tue, 09/17/2013 - 23:42

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

We own a 1988 14X76 mobile home on a corner lot. It is not on a foundation but it is paid off and we had an appraisal done and it came in at $104,000. Would it be possible to get a reversed mortgage? I am 62 and my husband is 76.

Like | Dislike | Share | Posted: Tue, 09/17/2013 - 11:40 | Post subject:

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

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.

Like | Dislike | Share | Posted: Tue, 12/20/2005 - 16:50

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

Is it required to be permanantly fixed for mobile homes to get loans?

Like | Dislike | Share | Posted: Tue, 12/20/2005 - 16:33

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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,
Samantha

Like | Dislike | Share | Posted: Tue, 12/20/2005 - 14:39

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

Hi Deedee,

I guess you want to refinance the loan. In that case, as you have equity in the property, you will be able to refinance the loan. However, you need to meet all the other income and credit criteria to get the refinance.

Thanks

Like | Dislike | Share | Posted: Mon, 10/14/2013 - 23:27

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

>>THe FHA product requires the home to be built on or after 1977 with HUD seals indicating so.

The date is June 15, 1976

>>Land may not be leased,

I'm doing a Reverse Mortgage right now, in Mount Vernon, Texas, for a home on leased land.

Like | Dislike | Share | Posted: Fri, 11/06/2009 - 15:01

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

We have a modular home and we have underpinned with brick and the title has been retired. We bought this home built to our specifications in 2000 on placed on our land (3,95 acres). It was apprasied four years at one hundred thousand. We still owe 53,000 with 8 years to go on the mortgage with Bank of America.
Do you think we might be eligible?

Like | Dislike | Share | Posted: Mon, 10/14/2013 - 15:35 | Post subject:

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

My husband & I own Three point something acres. Our mobile home is our only resident. It is a 1985 Parkwood 14x72'. We are age 68 and 71.
Both retired, might we qualify?

Like | Dislike | Share | Posted: Wed, 02/09/2011 - 06:03 | Post subject:

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

Shouldn't be a problem, as long as the alterations were done professionally, with permits.

Like | Dislike | Share | Posted: Sun, 09/15/2013 - 08:15

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

I have a mobile home that was altered by mocing the hutch to the other side of the room and putting in patio doors to the outside deck. Is this going to cause problems getting a reverse mortgage and if so is there a way to get around it?

Like | Dislike | Share | Posted: Sat, 09/14/2013 - 12:50 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you're the owner of the property and if you're 62 years of age, then you will be able to qualify for a reverse mortgage.

Like | Dislike | Share | Posted: Tue, 08/31/2010 - 03:43

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

I have a 2002 Cavalier 28' by 66' with fireplace on 21/2 acres with concrete block perimeter foundation.

Like | Dislike | Share | Posted: Sat, 09/12/2009 - 22:00 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shelley,

You should note here that mobile homes hardly qualify for reverse mortgages as they reduce in value very easily. Moreover, as you don't have foundation under your home, it will be very difficult for you to qualify for a reverse mortgage.

Like | Dislike | Share | Posted: Thu, 10/04/2012 - 23:44

raymond's picture
raymond | Joined: July 3, 2009 09:38 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?

No

Like | Dislike | Share | Posted: Sun, 11/22/2009 - 09:37

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

I am told I can not get a reverse mortgage on my manufactured home because it has an attached garage added. Is this true? It seems to meet all the other criteria. Thanks

Like | Dislike | Share | Posted: Tue, 11/06/2012 - 06:29 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

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.

Blue

Like | Dislike | Share | Posted: Mon, 05/15/2006 - 15:54

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

What constitutes a permanent foundation?

Like | Dislike | Share | Posted: Mon, 05/15/2006 - 15:24 | 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:

jenkin7's picture
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:

michelle's picture
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:

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