Posted on: 07th Sep, 2010 08:44 pm
I have a 2006 Park Model with a stick built Arizona Room and second bathroom. After working with a bank and spending close to a$1000. in fewes, today they say that HUD will not give a reverse Mortgage on a Park Model because it does not have a HUD sticker. Is this true? Isit possible to get a reverse mortgage? Thank you
Hi Guest,
Welcome to mortgage fit,
"4. What types of homes are eligible?
To be eligible for the FHA HECM, your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible."
Above mentioned quote is a excerpt from official HUD website.I am not sure about the exact and appropriate answer to your specific query.But In my opinion this link could be more helpful to you.
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
DIPA
Welcome to mortgage fit,
"4. What types of homes are eligible?
To be eligible for the FHA HECM, your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible."
Above mentioned quote is a excerpt from official HUD website.I am not sure about the exact and appropriate answer to your specific query.But In my opinion this link could be more helpful to you.
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
DIPA
I guess you've applied for HECM which is an HUD approved reverse mortgage. If you do not meet the criteria of HUD regarding the property requirements, you won't be able to get a reverse mortgage. However, you can contact the local lenders and apply for a normal reverse mortgage and check out if you can qualify for the same.