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
- 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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