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QUESTION:
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Reverse Mortgage qualification on leased land |
| My wife and I are retired, in our 70's and currently own two homes. We are considering making our home on leased land our permanent residence. Will this preclude us from qualification for a Reverse Mortgage? If so, why and is anything being done by congress to rectify this apparent problem? |
 | asked by Budd, 8/5/2009 |
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Categories:
Retired
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| ANSWERS: |
| Answered by: Editorial, 08/07/09
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Making your permanent residence in a home on leased land would probably preclude you from qualifying for a Reverse Mortgage.
While you do retain ownership in a Reverse Mortgage, the bank/government is investing in the value of your property. They can not invest in something you do not actually own.
I do not know of anything being done to change these rules. However, you may certainly contact your congressional leaders and/or the Department of Housing and Urban Affairs with your concerns.
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| Answered by: Bomar1224, 08/08/09
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Do not place a manufactured home on leased land. You will most
likely not get your reverse mortgage. Why when you own two homes
would you want to live in a manufactured home on leased land? If you want
to live in a manufactured home buy it where you own the land. I would
suggest you sell one of your homes outright and pay cash for your
manufactured home and land and then get your reverse mortgage. That way
you will be paid by the mortgage company a monthly check for your manufactured home and live in that home for the rest of your life. Otherwise,
if one of your other homes has a good foundation, insulated walls with the good insulation, not the stuff that causes lung problems, and you have
thermopained windows, you might be able to get a reverse mortgage on
your home. Check with a Reverse Mortgage broker, he is best able
to advise you what to do. I know homes are not selling fast, but it is not
like you will be put out on the street. You can live in your other house
until one of the homes sells. Whatever you do, don't by a Manufactured home on leased land. I repeat DON'T. Login to rate this answer: |
| Answered by: whyhecm, 08/24/09
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Leased land may be ok depending on the details. Feel free and contact me to discuss details.
Anthony Limon
www.whyhecm.com
866-640-5722 ext. 126
anthony@whyhecm.com Login to rate this answer: |
| Answered by: krayfield, 08/24/09
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Bud-
Having your home on leased land does not automatically disqualify you for a reverse mortgage. Please give me a call if you would like more information. I'd love to help.
Karen Rayfield
Reverse Mortgage Specialist
New American Mortgage
(757) 287-3331 Login to rate this answer: |
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