Posted on: 11th Oct, 2012 03:27 pm
Hello, my parents need a reverse mortgage on a manufactured home that is considered a double wide. The home was built in 1991. They are currently behind on payments. Can they get a reverse mortgage? They are in NC
Hi js,
As they are behind on payments, it might be difficult for them to qualify for a reverse mortgage. Nevertheless, your parents should contact the local reverse mortgage lenders and check out if they can qualify for the loan.
Thanks
As they are behind on payments, it might be difficult for them to qualify for a reverse mortgage. Nevertheless, your parents should contact the local reverse mortgage lenders and check out if they can qualify for the loan.
Thanks
It will be difficult for your parents to get approved for a reverse mortgage loan as they are behind on mortgage payments. To get approved for a reverse mortgage loan, one should be more than 62 years and that person should own a house as the primary residence.
Yes, they can get a Reverse Mortgage, as long as it's a Fee Simple property - it doesn't matter if the homeowners are behind on payments. Being behind on mortgage payments only applies to Forward Mortgages.
Do they own the land, and is the Manufactured Home fastened permanently to the ground?
Do they own the land, and is the Manufactured Home fastened permanently to the ground?
