Posted on: 09th Jun, 2009 12:49 pm
can you recieve a reverse mortgage on a mobile home thats paid off but is on land that you rent? my sister bought mobile home 2 years ago and paid 70,000 cash. now she would like second home in florida. her age is 68.
reverse mortgage needs to be owner occupied so you will not be able to do that
Hi resvourhog,
Your sister cannot get a reverse mortgage on her mobile home, if she is planning to rent this out and buy another house in Florida. A reverse mortgage can be obtained only on a primary residence. So, as Brian has mentioned, your sister has to occupy the mobile home in order to be able to get a reverse mortgage on it.
Thanks,
Jerry
Your sister cannot get a reverse mortgage on her mobile home, if she is planning to rent this out and buy another house in Florida. A reverse mortgage can be obtained only on a primary residence. So, as Brian has mentioned, your sister has to occupy the mobile home in order to be able to get a reverse mortgage on it.
Thanks,
Jerry
>>can you recieve a reverse mortgage on a mobile home thats paid off but is on land that you rent?
"no" if it's rented - "yes" if it's a leasehold
"no" if it's rented - "yes" if it's a leasehold
