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QUESTION:
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reverse mortgages on manufactured homes |
| i am interested in a reverse mortgages and really need to find out before i go any further if this can be done on a manufactured home. i have lived in this home for 3 years and it is a 1991 model i am 72 years of age and retired |
 | asked by peachy, 1/7/2007 |
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Categories:
Pensions, Reverse Mortgages, Medicare Supplemental Insurance, Social Security
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| ANSWERS: |
| Answered by: SilverSurfer, 01/23/07
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For a HECM loan - the home must be at least one year old and up to HUD standards.
Certain providers have proprietary products that a manufactured home is eligible for so long as it is built after June 1976.
If you inquire about getting a reverse mortgage through NewRetirement - the service providers can supply more detail.
http://www.newretirement.com/Services/Reverse_Mortgage.aspx Login to rate this answer: |
| Answered by: Barbara, 04/25/07
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I own a 14x65 1976 3 bedroom, 2 bath mobile home which was manufactured in April of 1976. It has a 12x20 addition which is 2 years old. The mobile home is a permenant fixture on 3 acres of land. The property is lein free and well maintained. I have lived here for almost 9 years. I am 62 years old. Would I qualify for a reversed mortgage loan? Login to rate this answer: |
| Answered by: Terry Dyer, 09/02/07
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Hi Barbara,
When getting a reverse mortgage on a manufactured home there are 3 essentials that need to be established;
1. Date of build..must be post 6/76
2. Must be permanently attached to a foundation...
3. You must own the land on which it sits.
We are doing some manufacturd homes that are in parks that have been converted to condominiums as well.
The other thing that you mention is that your home is on 3 acres of land. When and if the property is considered rural or when comprable properties are not available it also makes the approval process difficult.
When getting a reverse mortgage most lenders (except me) ask you to pay for the appraisal up front. Unfortunately you cannot get an approval on a reverse mortgage without the appraisal so in some instances with there being a question about a property the applicant might be better off having an experienced agent review the property prior to the investment.
I am happy to help with any questions regardless of which company you choose.
Best,
Terry Dyer
President
All American Reverse Mortgage
800-201-0343 x 227
terry@jettfi.com Login to rate this answer: |
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