Mobile homes eligible?

If you own the land on which your mobile home resides, then you may be eligible for a Reverse Mortgage.

However, long term leases on property are not eligible.

If you do own the land, you can connect with a prescreened Reverse Mortgage lender here:
https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx

While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...

A Family Retirement Mortgage is a flexible alternative to a traditional Reverse Mortgage. Your family or friends act as the lender, not a bank. Whether you need a few hundred dollars a month or a few thousand, a Family Retirement Mortgage enables you to formalize a loan with family or friends -- using the house as collateral.

You create the terms of the loan while protecting important relationships and keeping wealth in the family

If you have a family member or friend who could and would fund your Reverse Mortgage, you can be connected to a bank who will facilitate this loan for you here:
https://www.newretirement.com/Services/Multi_Gen.aspx?vrm=true&

There are three basic rules on Mobile Homes.

1. You must own the land that the home is on.

2. It must be on an approved FHA permanent foundation. Inspection and certification required. If it is not, it can be done through the proceeds of the loan ~ $3000-4000.

3. It must be manufactured after June of 1976. Older homes do not qualify.

I hope that helps :)

Tamera Field
Reverse Mortgage Consultant
877-632-7890

That is not true. You may fund an RM if the home is on land with a 99 year lease or if yo own it. Rent lot does not constitute a 99 year lease, however.

A 99 year lease may be ok in some cases, but if it is close to expiring, maybe not.

Own the land. Fewer issues.