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QUESTION:
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changes in rules |
| We bought a manufactured home about a year ago and placed iton our 10 acres. We have been told that since it was purchased from the manufacturer and moved to Kyle , Texas then we bought it and moved it to Rosanky, Texas that we do not qualify for a reverse mortgage. Is this correct and if so why? This is a very unfair rule because we are being descrimated against because we live in a manufactured home!!!!!! |
 | asked by Carlotta, 4/2/2009 |
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Categories:
Military Retirement Pay, Retired, Reverse Mortgage, Reverse Mortgages
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| ANSWERS: |
| Answered by: SilverSurfer, 05/01/09
Overall Rating:  Be the first to rate it. |
Hi Carlotta,
Some manufactured homes are eligible for a reverse mortgage, so long as they meet the FHA guidelines which are:
- Own the land the manufactured home is on
- permanent foundation
- built after 1976
- HUD inspected/approved seal on the property
- and it has to never have been moved from location to location
http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm
I don't know why it can't be moved from location to location. Your best bet may be to call HUD. Login to rate this answer: |
| Answered by: SilverSurfer, 05/22/09
Overall Rating: Be the first to rate it. |
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 Login to rate this answer: |
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