QUESTION:

Reverse mtg on used mobile home on my property

I am looking for a reverse mortgage for a doublewide mobile home on a permanent foundation on my property in a residential neighborhood. I currently own a single wide, but am purchasing a double wide. It is a used model (1984) with many upgrades. The home will be on my property. attached to a foundation before we start the reverse mortgage process. The old home will have been donated and removed. I was told that they would not do the mortgage because I didn't purchase it new from a dealer. Is that correct?
asked by louisemay, 3/25/2009
Categories: Debt and Mortgages, Reverse Mortgage
ANSWERS:
Answered by: Tamera, 03/26/09
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LouiseMay-

Unfortunately, this is correct. The home must be in its original location when purchased new.

Please let me know if you have any further questions.

Tam
tammyf@goldengateway.com
877-632-7890

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Answered by: whyhecm, 05/18/09
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Your mobile home can only be moved once. From the dealer to the 1st location. If it has been moved twice, it wont qualify.

Please let me know if I can answer any additional questions.


Anthony
anthony@whyhecm.com

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Answered by: SilverSurfer, 05/22/09
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Here's the new HUD Mortgagee letter on Manufactured homes

HUD Mortgagee Letter 2009-16

http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2009_MORTGAGEE_LETTERS/09-ML-16%20MANUFACTURED%20HSG%20POLICY%20GUIDANCE.PDF

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