Usually Reverse Mortgages are not applicable to manufactured home or co-operative apartments. But there are a few lenders who offer reverse mortgages on manufactured homes like Reverse Mortgage Lenders Direct. Equity needs to be available for the Manufactured Reverse Mortgage Loans to be approved – simply take the amount that your home can appraise for and subtract.
HUD defines a manufacture or mobile home as a structure that is transportable in one or more sections, and is designed and constructed to the Federal Manufactured Construction and Safety Standards and is so labeled. FHA guaranteed reverse mortgage on manufactured or mobile homes has the following criteria and features unlike a standard home equity line of credit.
Manufactured 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
To Qualify for a manufactured 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
- Manufactured 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
