QUESTION:

can the purchase of newer mobile home qualify for reverse mortgage

Our old mobile home + land does not qualify for reverse mortgage, but if we put a newer home, would the reverse mortgage lender then pick up the remaining mortgage and the new loan?
asked by bobjudtom, 1/20/2008
Categories: Reverse Mortgages
ANSWERS:
Answered by: Editorial, 01/28/08
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Probably not. In fact, in many cases a home must be at least one year old to qualify for a Reverse Mortgage.

Some Mobile Homes are eligible for a Reverse Mortgage. In most cases, you must meet the following criteria:
-- All borrowers must be over age 62
-- Own your land (technically also if they have 99 year lease)
-- Home manufactured after June 15 1976
-- On a fixed foundation
-- Must have a HUD (Department of Housing & Urban Development) Seal affixed to the manufactured home (this is done by the manufacturer, not a retrofit)
-- Owner is willing to pay for a structural engineering report, which the property must pass (Costs range between $200-$500 depending upon location).

However, I would suggest that you meet with a Reverse Mortgage lender before you commit any funds to updating your property.

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