Monday, November 12, 2007 -
I have come across a lot of questions lately regarding reverse mortgages and manufactured/mobile homes. Many people think these types of properties do not qualify. As a mortgage broker in South Florida, I have recently done several reverse mortgages for people living in manufactured/mobile homes. Reverse mortgages can be done on manufactured/mobile homes, but there are some conditions that apply.
Here's some information about what's needed to qualify for a reverse mortgage for these types of properties:
The home must have been built after 1976
The home must be permanently attached to a foundation
The home must be a least a double wide
an appraisal will be needed- the cost is around $460 - more than a conventional appraisal
a structural engineering report must be completed cost abut $450. This must be completed to make sure the property meets HUD/FHA guidelines
The land the property sits on must be owned.
As with conventional reverse mortgages, the following also applies:
The borrower must be at least 62
The property must be a primary residence
Any current liens on the property must be paid with the proceeds of the reverse mortgage
Any outstanding Federal liens must be paid
Title to the home is always retained by the borrower.
Also, if you are a snowbird and live in Florida for 6 months of the year, and do not rent your property during your absence, you can still qualify for a reverse mortgage.
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