Posted on: 24th Jan, 2007 09:12am
If you are a senior person and own a traditional home as a primary residence, then a mortgage choice available before you is a reverse mortgage loan. But, if you are a senior citizen but own a mobile or manufactured home instead of a traditional home, then that question that comes to your mind whether or not you will be eligible for a reverse mortgage loan.
Though it is difficult to get approved for a reverse mortgage loan on a mobile home, but it is not impossible. If your age is 62 or more, if you own the mobile home as primary residence, if the house is built after June 15, 1976 and it is on a HUD-approved permanent foundation, if the floor area of the manufactured home is more than 400 square feet, and if the mobile home is taxed as real property, then you may be approved a reverse mortgage loan on a mobile home.
Though it is difficult to get approved for a reverse mortgage loan on a mobile home, but it is not impossible. If your age is 62 or more, if you own the mobile home as primary residence, if the house is built after June 15, 1976 and it is on a HUD-approved permanent foundation, if the floor area of the manufactured home is more than 400 square feet, and if the mobile home is taxed as real property, then you may be approved a reverse mortgage loan on a mobile home.
Related forum discussions:
Do you do reverse mortgages on mobile homes, and if so, what are the criteria?
Hi Sanbv,
Not many lenders do reverse mortgage for mobile homes, but you would find some if you search. More preference is given to mobile homes which are permanently fixed to the foundation.
Bruce Wilkinson
Not many lenders do reverse mortgage for mobile homes, but you would find some if you search. More preference is given to mobile homes which are permanently fixed to the foundation.
Bruce Wilkinson
There are lenders who will do a reverse on mobile homes. The criteria that generally disqualifies the property is that the homeowner does not own the land. If they are taxed as real property & own the land the mobile or mfg'd home sits on they may qualify. Also needs to have HUD tags post 1978.
As you have already received responses of "yes" you may want to call Financial Freedom directly or else try Wells Fargo. They are the two largest reverse mortgage lenders in the country. Now, you may not want them to be your lender as the person you talk to when you call will be in a call center and most people prefer to work with a local person. On a loan like a reverse mortgage, you need to feel comfortable with your loan officer. Because there are only 3 choices and over 90% of all reverse mortgages written are done on the FHA (HECM) program, one answer from one lender will pretty much apply to all other lenders. In other words, if it meets FHA guidelines every lender you talk to is going to follow the same standardized FHA guidelines. So call one of the "big guys" to get some more specific information about your property. Then decide who you want to be your loan officer and lender.
good luck.
good luck.
Hi Sanbv,
Welcome to our forums.
In general, the criteria for mobile home reverse mortgage require that you should be 62 years old or above. There are no income, credit and medical requirements also.
The best thing about such programs is that you need not pay income tax on the loan proceeds. Also, it does not affect your Social Security and Medicare benefits.
Just check out our community discussion on Mobile home reverse mortgage for more information on this issue.
I believe one should be fully aware before taking out a loan program. If you are interested in getting such a loan, let us know about your requirements.
We do have a community of lenders helping people with various financing options. If you are interested, just send us your Request for free consultation with the loan requirements and minimum details. We can then locate the lender from within our community and forward your details. If the lenders' profile matches your requirements and details, they shall contact you asap.
Thanks,
Caron.
Welcome to our forums.
In general, the criteria for mobile home reverse mortgage require that you should be 62 years old or above. There are no income, credit and medical requirements also.
The best thing about such programs is that you need not pay income tax on the loan proceeds. Also, it does not affect your Social Security and Medicare benefits.
Just check out our community discussion on Mobile home reverse mortgage for more information on this issue.
I believe one should be fully aware before taking out a loan program. If you are interested in getting such a loan, let us know about your requirements.
We do have a community of lenders helping people with various financing options. If you are interested, just send us your Request for free consultation with the loan requirements and minimum details. We can then locate the lender from within our community and forward your details. If the lenders' profile matches your requirements and details, they shall contact you asap.
Thanks,
Caron.
>>Do you do reverse mortgages on mobile homes, and if so, what are the criteria?
Yes. The Manufactured Home must be built after June 15, 1976, and be on a HUD-approved permanent foundation. If a permanent foundation isn't available, one can be installed and paid for from the proceeds of the Reverse Mortgage when it funds (they cost approximately $4,000.00).
The Manufactured Home must be "real property". That means it has to be installed on land that's not rented. The land must be owned by the homeowner, or a leasehold (a 99 year lease that's renewable)
Yes. The Manufactured Home must be built after June 15, 1976, and be on a HUD-approved permanent foundation. If a permanent foundation isn't available, one can be installed and paid for from the proceeds of the Reverse Mortgage when it funds (they cost approximately $4,000.00).
The Manufactured Home must be "real property". That means it has to be installed on land that's not rented. The land must be owned by the homeowner, or a leasehold (a 99 year lease that's renewable)
Another thing to consider when wanting to do to a reverse mortgage on a mobile home is that some lenders do not offer the same rates to mobile home reverse mortgages as others.
This also applies to doing a reverse mortgage in certain states.
When you deal directly with a lender who only offers there own reverse mortgage programs they will only offer you what they have not what is offered industry wide.
When you deal with a correspondent who has access to multiple reverse mortgage lenders, you will have more loan program options then if you went directly to one of the lenders themselves.
For example, as a correspondent, I know there are several lenders I use who wont offer the 5.56% fixed for life rate (currently available) for mobile homes. But I do have a few who will. So if you happen to go directly to a lender who doesn't you would get several thousand dollars less in reverse mortgage funds than if you went to a correspondent who is able to shop the top reverse mortgage lenders for the best programs available.
This also applies to doing a reverse mortgage in certain states.
When you deal directly with a lender who only offers there own reverse mortgage programs they will only offer you what they have not what is offered industry wide.
When you deal with a correspondent who has access to multiple reverse mortgage lenders, you will have more loan program options then if you went directly to one of the lenders themselves.
For example, as a correspondent, I know there are several lenders I use who wont offer the 5.56% fixed for life rate (currently available) for mobile homes. But I do have a few who will. So if you happen to go directly to a lender who doesn't you would get several thousand dollars less in reverse mortgage funds than if you went to a correspondent who is able to shop the top reverse mortgage lenders for the best programs available.