homeonleasedland

If you own the land on which your mobile home resides, then you may be eligible for a Reverse Mortgage.

However, long term leases on property are not eligible for a traditional Reverse Mortgage.

While not a traditional Reverse Mortgage, mobile homes are eligible for a Family Reverse Mortgage...

A Family Retirement Mortgage is a flexible alternative to a traditional Reverse Mortgage. Your family or friends act as the lender, not a bank. Whether you need a few hundred dollars a month or a few thousand, a Family Retirement Mortgage enables you to formalize a loan with family or friends -- using the house as collateral.

You create the terms of the loan while protecting important relationships and keeping wealth in the family

If you have a family member or friend who could and would fund your Reverse Mortgage, you can be connected to a bank who will facilitate this loan for you here:
https://www.newretirement.com/Services/Multi_Gen.aspx?vrm=true&

I have to respectfully disagree with the previous posters answer regarding reverse mortgages on leaseheld properties.

This is directy from Financial Freedom's Lending Guidelines book:

Leaseholds:

A leasehold occurs when the land is not owned by the borrower but by another party under a lease agreement. The Underwriter will review the lease to insure that it meets FHA Guidelines.

The mortgage must be on the property held in fee simple, or under a lease for not less then 99 years that is renewable, or under a lease having a remaining term of not less then 50 years beyond the 100th birthday of the youngest borrower.

There are specific requirements for the appraisal of leaseholds. The guidelines can be foud on the HUD Handbook 4150.1 and 4150.2. The comps should also be leaseholds and information at the time of the appraisal report.

FHA no longer accepts recreational leasholds.




Let me know if you have further questions

Tamera Field
Reverse Mortgage Consultant
877-632-7890