Posted on: 24th Aug, 2009 03:21 am
my mom is 77 yers old and owns a mobile home. can she get a reverse mortage
Hi,
Your mom can get a reverse mortgage on her mobile home. The minimum required age to qualify for a reverse mortgage is 62 years. Hence, from the point of view of age, she qualifies for a reverse mortgage. Lenders do offer reverse mortgage on mobile homes, provided it's the borrower's primary place of residence and the property meets the minimum property standards.
Your mom can get a reverse mortgage on her mobile home. The minimum required age to qualify for a reverse mortgage is 62 years. Hence, from the point of view of age, she qualifies for a reverse mortgage. Lenders do offer reverse mortgage on mobile homes, provided it's the borrower's primary place of residence and the property meets the minimum property standards.
bunnie, you're going to have to provide some additional information about this mobile home if you want to get straight answers. is the home on a permanent foundation? is the land on which the home sits owned by your Mom? these are important factors.
my home is on a foundation on it's own lot it is a 1973
bunnie1021
yes your mon can get reverse mortgage loan
yes your mon can get reverse mortgage loan
my opinion is contrary to that, however. i believe you'll have (she'll have) difficulty because of the age of the home.
lee, if you know of lenders who will help, i am quite certain that bunnie would be happy to know who and where they are; please elaborate on your answer.
lee, if you know of lenders who will help, i am quite certain that bunnie would be happy to know who and where they are; please elaborate on your answer.