Posted on: 10th Apr, 2011 03:02 am
My parents want to buy a used mobile home:
- Do they qualify for a reverse mortgage, on a used mobile home?
- The mobile homes are in a site where they would have to pay a rent for the land.
- These mobile homes are not trailers, they are like regular houses with permanent foundations.
Please let me know if my parents can qualify, thank you.
- Do they qualify for a reverse mortgage, on a used mobile home?
- The mobile homes are in a site where they would have to pay a rent for the land.
- These mobile homes are not trailers, they are like regular houses with permanent foundations.
Please let me know if my parents can qualify, thank you.
>>The mobile homes are in a site where they would have to pay a rent for the land.
Then the answer is "no". They have to own the land or have a long term lease (100 years and renewable).
Then the answer is "no". They have to own the land or have a long term lease (100 years and renewable).
>>A reverse mortgage is generally made not for buying a property
It's not that way anymore - a Reverse Mortgage can be a terrific way to purchase a home.
It's not that way anymore - a Reverse Mortgage can be a terrific way to purchase a home.