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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 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
Posted on: 10th Dec, 2008 09:04 pm
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?
Posted on: 25th Mar, 2009 05:01 am
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
Posted on: 25th Mar, 2009 10:10 pm
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
Posted on: 04th Jun, 2009 06:29 pm
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.
Posted on: 05th Jun, 2009 05:15 am
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.
Posted on: 03rd Jul, 2009 10:11 am
I have a 2002 Cavalier 28' by 66' with fireplace on 21/2 acres with concrete block perimeter foundation.
Posted on: 12th Sep, 2009 10:00 pm
You'll need a Civil Engineer to inspect your foundation to see if it adheres to HUD's guidelines.
[External link removed as per forum rules][
Posted on: 13th Sep, 2009 09:24 am
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?
Posted on: 21st Sep, 2009 10:49 pm
Hi June,

If your dad wants to pull out around $11000 equity, he can go for a home equity loan. 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.
Posted on: 21st Sep, 2009 11:44 pm
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.
Posted on: 22nd Sep, 2009 07:33 am
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?
Posted on: 22nd Sep, 2009 07:55 am
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.
Posted on: 22nd Sep, 2009 08:43 am
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.
Posted on: 15th Oct, 2009 12:14 pm
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.
Posted on: 15th Oct, 2009 12:17 pm
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