|
QUESTION:
|
Can't get through the RM red tape on a mfgd. home | | I have been working with an RM lender since the beginning of Sept. The loan has been approved, but problems keep popping up. I live in a 1993 manufactured home that has been on a permanent foundation on land I own since day one. I have had a structural engineering report that confirms I'm in compliance with HUD guidelines for mfgd. homes. Also have an appraisal. Now I'm told I need an "Affidavit of affixture. In my state (Utah) this was once used to transfer 'mobile' homes from personal property to real property, but I'm told it hasn't been used in years. Nevertheless the lender says the title co. says HUD requires one. The county has supplied me with the original building permit & tax records showing property tax has been paid since the beginning (personal property tax is paid to the state). The deed history is also available online, but this is still a stumbling block. What recourse do I have? I have paid the lender for the appraisal & paid for the engineering report personally. Thanks in advance. |  | asked by Mr. Onager, 11/30/2010 |
|
Categories:
Reverse Mortgages
|
|
|
| ANSWERS: | | Answered by: Jason B, 11/30/10
Overall Rating:  Be the first to rate it. | Dear Mr. Onager,
To our understanding, the requirements for getting a reverse mortgage on a mobile or manufactured home are that the home be constructed after 1976, that it be on a permanent foundation, that it be located on land you own, and that it have FHA certification as an approved mobile home. While we are not particularly familiar with the pertinent regulations in Utah, you might want, at this stage, to speak to a different reverse mortgage lender. We have a network of partners in Utah that would likely be able to assist you further. You can locate our partners by filling out one of our reverse mortgage inquiry forms: https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx? Login to rate this answer: | | Answered by: Raymond Denton, 10/16/11
Overall Rating: Be the first to rate it. | Sounds like you're using a Lender that's unfamiliar with Manufactured Homes. It'd probably be less painful if you switched to another Lender. Login to rate this answer: |
|
|
|