Posted on: 18th May, 2009 03:28 pm
Do you do reverse mortgages on manufactured homes in a nice manufactured home park - Willis, Michigan - Augusta Woods? I am 74 years old?
Hi mjcharnley,
Reverse mortgages can be obtained on mobile homes. The FHA insured Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that you can take against your mobile home. If the home is your primary home, it is in good condition and it complies with the HUD specified standards, you should qualify for the HECM mortgage.
You can contact any local lenders who offer this type of FHA loans. They will be able to guide you further. However, you can also go for a no obligation free mortgage quote from the lenders of this community. If you qualify for any reverse mortgage program, they will get in touch with you and will offer you free mortgage quotes, after considering all the related factors like the condition of the home, your financial situation etc. You can then choose the offer that you think will suit you best.
Reverse mortgages can be obtained on mobile homes. The FHA insured Home Equity Conversion Mortgage (HECM) is a type of reverse mortgage that you can take against your mobile home. If the home is your primary home, it is in good condition and it complies with the HUD specified standards, you should qualify for the HECM mortgage.
You can contact any local lenders who offer this type of FHA loans. They will be able to guide you further. However, you can also go for a no obligation free mortgage quote from the lenders of this community. If you qualify for any reverse mortgage program, they will get in touch with you and will offer you free mortgage quotes, after considering all the related factors like the condition of the home, your financial situation etc. You can then choose the offer that you think will suit you best.
Yes, if the home was manufactured after June 15, 1976, and it has a HUD-approved permanent foundation, and as long as the land isn't rented. It has to be real-property or a leasehold.
