Posted on: 20th Dec, 2005 02:22pm
If you own a mobile or manufactured home then you may be thinking whether or not you will be eligible for a reverse mortgage loan. The answer is: though it is difficult but you still may be eligible for a reverse mortgage.
To qualify for a reverse mortgage on conventional home, your age should be at least 62 and you must own the conventional home as a primary residence. Again, if you own a manufactured house, you may still be eligible for the loan but the house must be built after June 15, 1976. This date is very important because this is the time when the Department of Housing and Urban Development (HUD) began regulating the construction of the mobile homes as per some stipulated guidelines on construction. Again, the floor area of the mobile home must be at least 400 square feet. The structure of the house must be built on some permanent framework. Moreover, the house must be constructed in line with the Federal Manufactured Home Construction and Safety Standards.
Merely the fact that the house was built after 1976 does not ensure that you will be approved a reverse mortgage loan. Some reverse mortgage lenders require that the manufactured house should have a minimum appraised value. Moreover, the origination fee for this loan is also relatively higher.
To qualify for a reverse mortgage on conventional home, your age should be at least 62 and you must own the conventional home as a primary residence. Again, if you own a manufactured house, you may still be eligible for the loan but the house must be built after June 15, 1976. This date is very important because this is the time when the Department of Housing and Urban Development (HUD) began regulating the construction of the mobile homes as per some stipulated guidelines on construction. Again, the floor area of the mobile home must be at least 400 square feet. The structure of the house must be built on some permanent framework. Moreover, the house must be constructed in line with the Federal Manufactured Home Construction and Safety Standards.
Merely the fact that the house was built after 1976 does not ensure that you will be approved a reverse mortgage loan. Some reverse mortgage lenders require that the manufactured house should have a minimum appraised value. Moreover, the origination fee for this loan is also relatively higher.
I have a double wide mobile home on a permanent foundation located on my private property in Northern California. I would like information on a reverse mortgage for this. Can you tell me of any programs available in my area. Every company I have spoke to have told me that "if the home was brought in on wheels" I can not get a reverse mortgage. Is this true? All wheels and axles were removed when it was placed on the permanent foundation. I really need help financially and this is the only way I can see of securing my future. Thank you for your help.
