The reverse mortgage has gained more and more popularity in recent years and has become safer and safer as time goes by. You can obtain a reverse mortgage on your single family home, some multi-family dwellings and can even get a reverse mortgage on a FHA approved condo complexes. But did you know you can get a reverse on your manufactured home as well? The rules vary by lender but it is doable. Many assume manufactured homes do not qualify as they most often do not grow in value like a traditional stick built home or at least at the same pace. In the next paragraph I will give an overview of the rules.
A borrower who owns a manufactured home built after 1976 who owns the land can qualify for a reverse as long as they meet the other age, occupancy and equity requirements of the reverse. Most lenders want the home to be a doublewide built after 1976. Some lenders will do singlewides and others will only do the reverse if the home was built after 1991. You must always own the land that the home is on and the mobile part of the home must always be converted. Wheels and tongue need to be gone and the home needs to have been converted (titled and taxed) as real property. There are manufactured home parks that are zoned as condos, if that is the case then the complex needs to be FHA approved just like it was a traditional condo complex. We are very well versed in the rules that apply to reverse for manufactured home.
Call today to see if you qualify: 1.800.598.6265 or feel free to use our reverse mortgage calculator.