Reverse mortgage on a modular home. | In NewRetirement's Questions & Answers Forum

Other Postings:

Browse All Categories

View recent questions

QUESTION:
Reverse mortgage on a modular home.
Does any one know if there are any resrictions on a modular home for a reverse mortgage. Thank you. Keith.
	asked by cadlights, 9/17/2008
Categories: Retirement Income, Reverse Mortgage

ANSWERS:
	Answered by: Editorial, 09/19/08 Overall Rating: Be the first to rate it.
They key with securing a Reverse Mortgage with regards to the type of home seems to be whether or not you own the land on which the home is located. It is also necessary that you actually reside in that home. If you own the land on which the home is located and you live there, you should be able to secure a Reverse Mortgage -- assuming you have enough equity. To speak with a prescreened Reverse Mortgage lender about your particular situation and to find out how much money a Reverse Mortgage could give you, continue here: https://www.newretirement.com/Services/Reverse_Mortgage_Advice.aspx Login to rate this answer:
	Answered by: cadlights, 09/19/08 Overall Rating: Be the first to rate it.
We do own the acre the home is on and reside in it. It's all paid for. Thank you. Login to rate this answer:
	Answered by: GrantMoulden, 01/23/09 Overall Rating: Be the first to rate it.
It must meet HUD guidelines in addition to owning the land as well. Built after June of 1977 Permanent Foundation Not located in a flood zone There are a few other minor regulations that don't come up very often but this should give you a good idea. This response may be late for your situation but for anyone else wondering the same thing, it could serve usefull. Best of luck to you. Grant Moulden Generation Mortgage 866-488-5181 Login to rate this answer:
	Answered by: Wes Hudson, 02/21/09 Overall Rating: Be the first to rate it.
Keith, I am now have a Reverse Mortgage Loan on a Modular Home that is in Processing.. The land is deeded, and near the Intracoastal Waterway in Wilmington NC.. This is a newer home built in around 2004. I have not nor to I anticipate any problems. Hopefully by now you have found a Lender and completed the process. Blessings, Wes Hudson ReverseMortgagesNC.com 910-262-4083 SeniorReverseMortgages@yahoo.com Login to rate this answer: