Posted on: 27th Mar, 2010 06:24 pm
We have a very nice double wide in a community where we pay a monthly fee and do not own the lot. We have been here almost 10 years. The value of the home is approximately $ 100,000. We are interested in 50% as a loan or a reverse mortgage as we are both 62 almost 63. We would like to make home improvements and pay off $12,000 debt. This is the only debt we have, our home is paid for and also our vehicles. Please advise, thank you.
Hi sandnsun,
As far as I know, reverse mortgage are hardly available for mobile homes. Lenders are not ready to give reverse mortgage for such homes as they are concerned about the quick depreciation of the property value. However, if you have equity in the property, then you can apply for a cash out refinance. You can use the cash out money towards paying off your debts and home improvements.
Thanks
As far as I know, reverse mortgage are hardly available for mobile homes. Lenders are not ready to give reverse mortgage for such homes as they are concerned about the quick depreciation of the property value. However, if you have equity in the property, then you can apply for a cash out refinance. You can use the cash out money towards paying off your debts and home improvements.
Thanks