Posted on: 03rd Mar, 2008 11:50 am
MY MOM IS 79YRS OLD,OWNS HER MOBILE HOME,DOUBLE WIDE BUILT IN 1979. SHE IS DEEPLY IN DEBT AND HER SOCIAL SECURITY IS BARELY ENOUGH TO PAY HER BILLS. HER HOME IS IN A 55+ PARK, ON RENTED SPACE AND I DONT THINK IT IS ON A PERMANENT FOUNDATION. ARE THERE ANY INSTITUTIONS THAT CAN GET HER A REVERSE MORTGAGE? THIS WOULD GREATLY HELP HER FINANCIAL SITUATION. I WOULD HELP HER IF I COULD BUT AM FINANCIALLY STRAPPED AS WELL. ANY SUGGESTIONS OR INFORMATION WOULD REALLY BE APPRECIATED! THANK YOU ALL VERY MUCH!
Your mom is definantly of age but she would need to have a lot of built up equity to be able to do reverse mortgages. In a 1979 mobile home I really do not think she will be able to get a reverse mortgage on a mobile home. However, again if she currently have a mortgage with a balance and her property value is much more than her balance owed then it is possible. Now, if she paid your mortgage off in full then she might have a lot of build but equity.
The question is does this applies to 1979 mobile homes.
Jean
Loan Officer
The question is does this applies to 1979 mobile homes.
Jean
Loan Officer
Hi Tonyoc420,
Welcome to the forum.
I am not well versed on reverse mortgages, but have been in the mortgage biz for quite a few years, and I do not know of any lender who will lend money on a mobile home that is not on a permanent foundation, AND on a rented space. I think the age of the home is going to be another challenge.
Sorry I can't offer more uplifting news...
Welcome to the forum.
I am not well versed on reverse mortgages, but have been in the mortgage biz for quite a few years, and I do not know of any lender who will lend money on a mobile home that is not on a permanent foundation, AND on a rented space. I think the age of the home is going to be another challenge.
Sorry I can't offer more uplifting news...
Tonyoc,
Without a permanent foundation, it is really hard to get a mortgage on the mobile home. But as I am not sure, I shall advise that you/your mom should seek free counseling from the lenders in this community and find out the right loan offer that can best suit your requirements.
As for information, you may go through the Mobile home loan faqs section to know more about reverse mtgs offered against such properties.
Without a permanent foundation, it is really hard to get a mortgage on the mobile home. But as I am not sure, I shall advise that you/your mom should seek free counseling from the lenders in this community and find out the right loan offer that can best suit your requirements.
As for information, you may go through the Mobile home loan faqs section to know more about reverse mtgs offered against such properties.
Your mom lives in mobile home but doesn't own the land. 95% of lenders wont do this because its a basical guideline for a mobile home to be fixed to a permament foundation and the land should be owned the house owner. The best thing would be to sell the property and payoff the debts, if your mom can stay in your home.
im sorry , but i think that majority of lenders wont do that:(
What exactly is a reverse mortgage loan and what are the guidelines to do this?
I own a Mobile home free and clear and would like to secure a reverse mortgage.It in not on a permanent foundation however and am being told that i cant get a reverse mortgage.I am 73 years old,The value is about 20.000 dollars.
Hi Harry Davis!
Welcome to the Forum!
Lenders do not offer reverse mortgage on mobile homes. Considering your age, yes, you can apply for reverse mortgage but you will have to find a lender for that.
You can go through the following link which discusses reverse mortgage:
http://www.mortgagefit.com/discuss/homemobile-reverse.html
Feel free to ask if you have further queries.
Sussane
Welcome to the Forum!
Lenders do not offer reverse mortgage on mobile homes. Considering your age, yes, you can apply for reverse mortgage but you will have to find a lender for that.
You can go through the following link which discusses reverse mortgage:
http://www.mortgagefit.com/discuss/homemobile-reverse.html
Feel free to ask if you have further queries.
Sussane
A reverse mortgage is a loan that allows seniors (over 62) to use their existing equity to cover their payments for the rest of their life - in some cases even receiving money to do so.
The guidelines are fairly simple
Must be 62 and must have equity
The beginning loan to value needs to be low. I was told to take the age and subtract 30 to see what LTV they will need (roughly)
so a 62 year old person would need to owe at or less than 32%
Hope that helps
OP no you cannot do a reverse on a home in a park
The guidelines are fairly simple
Must be 62 and must have equity
The beginning loan to value needs to be low. I was told to take the age and subtract 30 to see what LTV they will need (roughly)
so a 62 year old person would need to owe at or less than 32%
Hope that helps
OP no you cannot do a reverse on a home in a park
