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.