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 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
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.
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.
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?
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
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
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.
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.
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.
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.
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?
Shouldn't be a problem, as long as the alterations were done professionally, with permits.
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.
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
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
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.
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.
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.
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?
Do you think we might be eligible?
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
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