Posted on: 25th Aug, 2007 07:58 am
I have a 2006 24\' x 32\' double wide mobile home anchored with about 30 4\' screw downs onto concrete blocks. The home and one acre property are
paid in full. Who will give a reverse mortgage?
paid in full. Who will give a reverse mortgage?
hi rnellis,
welcome to the forum.
reverse mortgage programs generally are not granted on mobile homes. but nowadays, there are many institutions who lend reverse loans even on mobile homes.
hud's reverse mortgage is a federally-insured home equity loan that gives senior american citizens a financial stability. to qualify for hud's reverse mortgage program, the property must be your primary residence, it can either be a single-family residence or a mobile home. the mobile home must meet the criteria as required by the fha minimum property standards and then you can use the reverse mortgage to fund the home. to know more on reverse mortgage program, you may refer to http://www.mortgagefit.com/reverse.html
welcome to the forum.
reverse mortgage programs generally are not granted on mobile homes. but nowadays, there are many institutions who lend reverse loans even on mobile homes.
hud's reverse mortgage is a federally-insured home equity loan that gives senior american citizens a financial stability. to qualify for hud's reverse mortgage program, the property must be your primary residence, it can either be a single-family residence or a mobile home. the mobile home must meet the criteria as required by the fha minimum property standards and then you can use the reverse mortgage to fund the home. to know more on reverse mortgage program, you may refer to http://www.mortgagefit.com/reverse.html
An eligible property must be a principal residence of the borrower & can be a manufactured home (mobile home) to qualify for HECM. But like Larry said, the property should meet FHA standards. Read more on this topic from here: http://www.hud.gov/offices/hsg/sfh/hecm/hecm--df.cfm