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.
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.
I'm a Reverse Mortgage Lender in PA and can help you. My number is 800-516-0089.
>>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.
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.
>>I LIVE IN A MODULE HOME ON RENTED GROUND IN PA. IS IT POSSIBLE TO GET A REVERSE MORTAGE?
No
No
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.
Feel free to contact me with any additional questions about getting a reverse mortgage for mobile homes on leased land.
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
Yes, as long as it's a 99 years lease that's renewable.
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)
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?
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.
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?
Both retired, might we qualify?
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.
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.
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?
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
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
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?
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.
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.