Posted on: 02nd Mar, 2006 11:37 am
Greetings my grandmother ownes a mobile home, she doesn't have a mortage but she is interested in doing a reverse mortage on her mobilhome. Is that possible?
Hi Jaymes,
Welcome to MortgageFit Forums.
Mobile homes are generally not eligible for a reverse mortgage although there are some programs which grant reverse mortgages on condominiums and manufactured homes which are built after 1976.
Your mobile home must meet the HUD guide lines to qualify. You can get your house checked to find out if it meets the HUD requirement.
Feel free to ask if you have more queries.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
Mobile homes are generally not eligible for a reverse mortgage although there are some programs which grant reverse mortgages on condominiums and manufactured homes which are built after 1976.
Your mobile home must meet the HUD guide lines to qualify. You can get your house checked to find out if it meets the HUD requirement.
Feel free to ask if you have more queries.
God bless you.
For MortgageFit,
Samantha
Hi Jaymes,
The types of homes that qualifies for reverse mortgage are single family dwelling, two-to-four unit property, townhouses, detached homes, units in condominiums and some manufactured homes
The types of homes that qualifies for reverse mortgage are single family dwelling, two-to-four unit property, townhouses, detached homes, units in condominiums and some manufactured homes
Hi Jaymes,
Some programs do grant reverse mortgage on mobile homes although not too many. But your grandmother's home must be in reasonable condition and must meet HUD minimum property standards.
Regards,
Blue
Some programs do grant reverse mortgage on mobile homes although not too many. But your grandmother's home must be in reasonable condition and must meet HUD minimum property standards.
Regards,
Blue
HOW DO i GET THE MUST HAVE GUIDELINES.CAN i GET SOMEONE TO TELL ME WHAT HAS TO BE DONE BEFORE I CAN GET A MORTGAGE.BUT I CAN'T PAY FOR IT.I AM OLE AND STILL HANDY.I CAN FIX WHAT EVER IS WORNG IF I NEW WHAT IT IS.
Hi HENRYWQ!
You can visit the HUD office in order to get the guidelines. These guides are also available online. You have to get pre-qualified and pre-approved for the loan first. You can try for a FHA loan. Contact a FHA approved lender for the same.
Thanks,
Jerry
You can visit the HUD office in order to get the guidelines. These guides are also available online. You have to get pre-qualified and pre-approved for the loan first. You can try for a FHA loan. Contact a FHA approved lender for the same.
Thanks,
Jerry