Posted on: 27th Nov, 2008 11:15 am
I have a mobile home built, approximately 1975 to 1980. It is a park. I do not own the land it is own. It is permamently attached to the land. Can I get a reverse mortgage. I own
approximately 40,000 on it. I am 76 years old and live alone.
approximately 40,000 on it. I am 76 years old and live alone.
Hi tygerlily!
Welcome to forums!
You have mentioned in your post that you do not own the land. In that case, I do not think you will get a reverse mortgage. Moreover, if you have a prior mortgage on the manufactured home, you will not qualify for a reverse mortgage. You will have to take a personal property loan. Personal property loans are offered by retailers who sell mobile homes. You can check out with the retailers if they can offer you such loans.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You have mentioned in your post that you do not own the land. In that case, I do not think you will get a reverse mortgage. Moreover, if you have a prior mortgage on the manufactured home, you will not qualify for a reverse mortgage. You will have to take a personal property loan. Personal property loans are offered by retailers who sell mobile homes. You can check out with the retailers if they can offer you such loans.
Feel free to ask if you have further queries.
Sussane
You can if the Manufactured Home was built after June 15, 1976 and you're not renting the land - it must be a leasehold.
