Posted on: 16th Oct, 2010 01:52 pm
[font=Arial:d3962cdd64][/font:d3962cdd64][size=12:d3962cdd64][/size:d3962cdd64]
I live in a mobile home park, and will turn 62 in 9 months. My mobile home is paid in full....I have no mortgage. Value of home is approximetly $75,000.00. It is NOT permantley attached to the land.....it sits on piers, but is very stable. I do not own the land, and have to pay a monthly space rent, which includes the utilities I use. I need money to use for necessary improvements to the home, and I will need help, financially, in the near future in paying the monthly rent fees. I don't want to lose my home! It's all I have. Can I use the money allotted to me from the Reverse Mortgage to satisfy the requirements needed on the property so that I qualify for the program. PLEASE HELP! Maybe someone can give me advise and direction. Thank You!
Jim :?
I live in a mobile home park, and will turn 62 in 9 months. My mobile home is paid in full....I have no mortgage. Value of home is approximetly $75,000.00. It is NOT permantley attached to the land.....it sits on piers, but is very stable. I do not own the land, and have to pay a monthly space rent, which includes the utilities I use. I need money to use for necessary improvements to the home, and I will need help, financially, in the near future in paying the monthly rent fees. I don't want to lose my home! It's all I have. Can I use the money allotted to me from the Reverse Mortgage to satisfy the requirements needed on the property so that I qualify for the program. PLEASE HELP! Maybe someone can give me advise and direction. Thank You!
Jim :?
Unfortunately, "no", and the reason is because the land underneath your property is "rented". You must own the land or have a long term leasehold agreement.