Posted on: 25th Jul, 2010 03:50 pm
share which is worth $46,000. My hhome is pproximaely a 1976 nidek -- not sure -- but would like to know if it is possible to get a reverse mortgage? I own the home outright. I am a 79 year old widow and wouold like to be able to fix up my home but am unable to afford to do so. As I said, the share itself sells for $46,000 and I own a share in the cooperartive. Can you give me anym inforrmation?
Reverse Mortgages aren't available for co-ops at this time. We've been waiting since July 31, 2008 for HUD to release a Mortgagee Letter, that'll enable Reverse Mortgages for co-ops, and they haven't done it yet.
And with Manufactured Homes, it must be manufactured after June 15, 1976 to be eligible for a Reverse Mortgage.
And with Manufactured Homes, it must be manufactured after June 15, 1976 to be eligible for a Reverse Mortgage.