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does a double wide qualify for a reverse mortgage

by gqceuh368 from , California. Jan 24th 2015 Reply

Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

Yes, as long that you have land that you own, not in a park, and it can meet the Fha standards , as in the age of the home, the skirting around the home, the foundation, how it was secured to the land ... linda and also, who is your lender/ servicing company?

Jan 24th 2015
Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

As Linda stated, as long as it meets all the qualifications.

Jan 25th 2015
Sara Deere (Mortgagequeen2)
#1 ranked lender in Missouri - 591 contributions

The real key is the double wide, (manufactured home) has to be on a secure foundation. Reverse mortgages can be used on structures that can move down a highway or Interstate.

Jan 26th 2015
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

Yes and no.. HUD will approve of a double wide MFH so long as it meets HUD standards.. (must be architecturally attached to real property, must be 1978 or newer, etc.. ) but HUD does not lend money.. they only insure loans against default.. each lender offering financing will have their own rules above what HUD calls for.. it's these "Overlays" that will give you a problem.. very few lenders offer financing for MFH's.. even fewer offer them on a reverse mortgage.. so it might take you a while to find that lender that will do it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Jan 27th 2015
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