If you own a manufactured home (mobile home) and therefore are wondering whether you’re able to do a reverse mortgage, there are some facts to consider. On this page we’re going to cover what you must determine if it really works in your case.

Let’s define that of a manufactured residence is.

There is some confusion here between manufactured homes and modular homes. The simplest way to explain it really is should your home included wheels and axles, usually by 50 percent halves, it is a manufactured home. Whether or not this came over a flatbed truck and was erected in your site, this is a modular home. Reverse loans work with both kinds of homes, but a modular home could have less requirements for this.

What year is your manufactured home?

FHA is only going to lend on manufactured homes should they be newer than June of 1976. If it is older, you are not likely to locate a loan which is federally insured, just like a reverse mortgage. You’ll find HUD stickers on your home that will identify what year it absolutely was built.

Could it be doublewide or bigger?

Reverse loans require you will find be bigger than just one wide. Even though yours is considered an excellent singlewide, the opposite mortgage won’t work. Doublewides or triplewides are needed to increase the risk for loan work for you.

Has your own home been moved twice (or maybe more)?

If your home was put on its original site, and then bought used and gone to live in its current site, it can be ineligible for any reverse mortgage. Your home should be added to its original site and left there.

Have you been in a flood zone?

In case you are in a flood zone may be ineligible, determined by a few factors. In case your house is in a flood zone, be sure to address this with your loan officer. Simply because you’re in a flood zone doesn’t disqualify you. More info should be made to produce a determination.

Do you have the land?

Manufactured homes in a park can work, but you must own the land. Should your residence is on leased land, or perhaps plain english, you have to pay rent, reverse mortgages probably will not function as solution for you.

Having a manufactured home is definitely an affordable way of getting your house that is the good spot to retire. Just keep in mind that some kind of special considerations are essential, and inform your loan officer it is manufactured. Otherwise, it could cost you unnecessary money if you are looking for the loan.

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