reverse mortgage

[ruthie]

I have a 1972 manufactured home on 1/3 acre in a community vs park setting. Can I qualifty for a reverse mortgage? If so, with whom.

[rmurray]

I doubt it. Most mortgage companies are forbidden from financing a pre HUD home. The reverse mortgages you see advertised are a federally insured loans offered by private lenders. Other federally insured plans would not allow financing on your age home..

[David Oxhandler]

A Reverse Mortgage is a great solution for Seniors who own manufactured/mobile homes and are having financial difficulty, looking for way to combat the increasing cost of living, or for those who would just like to have some additional resources to enjoy retirement.

To qualify for a reverse mortgage a manufactured home must be;

a doublewide on land owned by the home owner (no park homes)
built to the HUD code (built after June 1976)
installed on a permanent foundation
all property owners are 62 or older.

A Reverse Mortgage is a loan that is guaranteed by the FHA for manufactured homes, but is different from a standard equity line in that is repaid from the proceeds of the sale of the manufactured or mobile home, or through other means, but only when the home is no longer the primary residence of the owners

There is never a monthly payment as long as you live in the home.

The homeowner. Heirs or beneficiaries are never responsible for the loan.

There are no income, medical, or credit requirements.

If you meet these qualifications you can APPLY HERE

[Cookie1947]

My 1996 Cavco would not qualify for a reverse mortgage because it is not VA passed. Most calls I have had from so called Govt do not cover manufactered homes PERIOD. Most banks want them newer than 10 years. I can't get mine refinanced because it is upside down. I owe 45000 at 9% yet.

[David Oxhandler]

For more info on refinancing try the MANUFACTURED HOUSING LOAN FINDER The President recently announced revised FHA guidelines that will permit homeowners that are underwater to refinance at much lower rates, that could save you thousands of dollars.

[terpgirl30]

I live in a manufactured home. I haven't looked for myself, but I looked into for my mom who lives in another type of home that has ground rent. I was told that reverse mortgages can't be done on anything with ground rent. You say you live in a community versus a park, but I wasn't sure if you meant you own the property or pay ground rent. That's the key.