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Fresno Question: Can I Get a Reverse Mortgage on My Mobile Home?

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Mortgage and Lending with San Diego County and Central Valley NMLS:1172220

THIS LAST WEEK, I RECEIVED A CALL FROM A LADY IN DESPERATE NEED OF GETTING SOME QUICK CASH IN ORDER TO SAVE HER HOME.

She was living in a beautiful mobile home park for 55+. Her mother had passed away a few years before and she had taken her inheritance and invested in a beautiful double-wide mobile home, also known as a manufactured home. Her home was in pristine condition. Three big bedrooms, two full bathrooms, a nice sized living room and kitchen. It was perfect for her in every way except one. Reverse MOrtgage for manufactured homes

She had recently become sick and could no longer work.  The mobile home park had not been paid their rental fees for the last several months.  She had now received an eviction notice and was required to come up with $3500 to keep her home.  If she didn’t pay in the next 30 days she was at risk of losing her home that was paid for to the mobile home park.

Unfortunately for her, she did not qualify for the Reverse Mortgage because she did not own the land on which the mobile home was parked.

In order for your manufactured or mobile home to be considered for a Reverse Mortgage, your home must meet certain criteria set forth by FHA.

1. Your home must have a HUD seal affixed on the outside of the home, which proves that the home conforms to the Federal Manufactured Home Construction and Safety Standards, under HUD code.
2. Your home must be produced after January 1, 1990.
3. Your home must be taxed and classified as real estate and must be designed to be used as a dwelling with a permanent foundation built to FHA requirements.
4. Your home must be in its original location. The only acceptable move the home must have encountered was the move from the factory to the dealer and then to the site. Once on the site, it must have remained there permanently.
5. Your home must have at least a minimum floor area of 800 square feet.
6. Your home must not be in a condominium association.
7. Your home must be built and must remain on a permanent chassis.
8. Any wheels, axels, or a hitch must be removed from your home.
9. Your home must be permanently attached to the property.
10. Your home must have acceptable perimeter enclosure (skirting is a must).
11. Beneath your home, the finished grade must be at or above the 100-year flood elevation.
12. Your home must have an engineer’s certificate stating that the foundation meets HUD guidelines.
13. Your home must have permanent installed utilities that have been protected from freezing.
14. Your home must have the affixed HUD tag or data plate, and the appraiser must include the serial number on the appraisal report.
15. Your home must be doublewide or bigger.
16. Your mortgage must cover both the unit and its site.
17. You must own the land the home rests on.
18. You must meet any additional requirements specified by your lender and HUD.

IF YOU HAVE ANY QUESTIONS ABOUT A REVERSE MORTGAGE, PLEASE FILL OUT THE FORM HERE OR CALL ME AT 559-994-3692.

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For more information on a Reverse Mortgage please feel free to contact me directly. I look forward to hearing from you!

Jennifer Provencio

559-994-3692

800-779-1851

jenpro@me.com

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