Usually Reverse Mortgages are not applicable to mobile home or co-operative apartments. But there are a few lenders who offer reverse mortgages on mobile /manufactured homes like Reverse Mortgage Lenders Direct. FHA guaranteed reverse mortgage on manufactured or mobile homes has the following criteria and features unlike a standard home equity line of credit.
To Qualify for a mobile reverse mortgage
- must be 62 years old (those 60 days from birthday will also qualify)
- must own the home
- have equity in the property (difference between any what the home is worth versus what is currently owed on the mortgage)
- never have defaulted on government debt
- mobile homes built after 1976
- must be permanently affixed to the property
- property must be taxed as real property
- skirting is a must – (acceptable perimeter enclosure)
- wheels, axels, hitch must be removed
Equity needs to be available for the Mobile HECM Loans to be approved – simply take the amount that your home can appraise for and subtract
Mobile Home Reverse Loan Requirements
- At least 400 square feet minimum floor area
- Built after June, 15 1976, to the Federal Mobile/Manufactured Home Construction and Safety Standards as evidenced by an affixed certification label.
- Property is classified and taxed as real estate and is designed to be used as a dwelling with a permanent foundation built to FHA requirements.
- Built and remains on a permanent chassis.
- Mortgage covers both the unit and its site, and has a term of not more than 30 years from date that amortization begins.
- Finished grade beneath home is at or above the 100-year flood elevation.
If you own a manufactured home and are unsure whether your home meets the requirements mentioned above, please feel free to call us on our toll free phone service 877-700-0534 or check for more information on http://www.reversemortgagelendersdirect.com