Since its inception in the 1960’s, many homeowners across the nation have been taking advantage of all the benefits of a reverse mortgage. Seniors who own single family homes or own a multi-unit property while residing in one unit are amongst those eligible for this amazing financial tool. However, what you may not know is that seniors who own manufactured homes may also be eligible as well.
A manufactured home is defined as a dwelling unit that had been built in a factory on a permanent chassis including a steel frame and axle, and then towed to the site on its own wheels. Once at the site, it is attached to a permanent foundation system.
Although mobile homes are generally not a property type that is eligible for the reverse mortgage program, some manufactured homes are approved by the Department of Housing and Urban Development (HUD) and meet Federal Housing Administration (FHA) requirements.
The Home Equity Conversion Mortgage Program (HECM) includes the following requirements for manufactured homes to be eligible.
If you have questions, talk to your American Advisors Group Reverse Mortgage Professional at 1-800-AAG-0103. They can answer all your questions and will guide you in the entire process of getting a reverse mortgage for your eligible manufactured home.
“FHA Reverse Mortgages (HECMs) for Seniors.” Portal.hud.gov. NP. ND. Web. 5 Sept 2014. http://portal.hud.gov/hudportal/HUD?src=%2Fprogram_offices%2Fhousing%2Fsfh%2Fhecm%2Fhecmabou
“Manufactured Homes Reverse Mortgage – Mobile Homes HECM Loans.” ReverseMortgageLendersDirect.com. NP. ND. Web. 5 Aug 2014. http://www.reversemortgagelendersdirect.com/manufactured-homes-reverse-mortgage/
“What You Should Know About Mobile Homes Reverse Mortgages” RetirementMortgages.wordpress.com. NP. ND. Web. 5 Sept 2014. http://retirementmortgages.wordpress.com/2013/02/23/what-you-should-know-about-mobile-homes-reverse-mortgages/
Yedinak, John. “Reverse Mortgage Guidelines for Manufactured Homes.” ReverseMortgageDaily.com. NP. ND. Web. 5 Sept 2014. http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/