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Reverse Mortgages for Manufactured Homes We offer FHA Reverse Mortgages for Manufactured Homes on Land, including FHA approved condo communities in a few western states. We are working to expand the program. How Does a Reverse Mortgage Work? A traditional mortgage requires you to make payments. A reverse mortgage makes payments to you. You can get these payments in a lump sum, a stream of regular payments. a line of credit or a combination of term options. While Reverse Mortgages are generally used as refinances, we are working with a few preferred retailers offering purchases and new home construction. No repayment is required as long as your home is your principal residence and you fullfill basic obligations to maintain the property and keep insurance and taxes current. If you pass away, the loan is due, but the amount due will always be the lesser of your loan balance or the market value of the home. Even if the amount you borrowed eventually exceeds the value of your home, you or your heirs will never owe more than the value of your home. All proceeds in excess of your loan balance will go to your estate. That means all remaining equity will go to your heirs when the home is sold. The FHA Home Equity Conversion Mortgage (HECM) has proven to be a great loan option for many senior citizens. We are glad to provide the option to manufactured home owners. The loan limit is based on the initial appraised value. If the property is owned free and clear or has substantial equity, this may be an attractive option for many seniors in manufactured homes on owned land and in condo communities. If you pass away, the loan is due, but the amount due will always be the lesser of your loan balance or the market value of your home. Even if the amount you borrowed eventually exceeds the value of the property, you nor your heirs will ever owe more than the value of your home. All sale proceeds in excess of the reverse mortgage balance belongs to your estate. Remaining equity can be passed on to your heirs. Reverse for Manufactured Homes We offer the FHA HECM for manufactured homes in Texas, California, Oregon, Washington and Idaho. We are working to add additional states. The home must be a HUD Code home built after June 14, 1976. The home must be on a permanent foundation. In many cases, an engineer's certification of compliance is required. If value is adequate, foundation repairs and property improvements may be handled as set aside funds to be completed after closing. New home purchases are also available using a reverse mortgage. Borrower's can use the equity in owned land or a cash down payment to obtain a reverse mortgage. We understand manufactured construction and will work closely with your retailer or direct with the factory to insure your project comes in as approved Options - Single Lump Sum of Cash
- Regular monthly payments as long as one borrower occupies the home
- Regular monthly payments for a fixed period of time
- Line of credit managed at the borrower's dicretion
Requirements - Youngest borrower must be 62 years of age
- Must be the primary residence
- Certified counseling is required
- Home and land must be classified as real property
- Federal debts and property liens must be liquidated
- Taxes and Insurance must be kept current.
- Property must be maintained in good condition.
Resources and Recommendations - AARP is the best resource around. Click here to go to their page.
- Find details and loan limits at www.hud.gov
- Talk to your family before making a decision
- Talk to your tax advisor before making a decision
- Make sure you understand everything about your reverse mortgage.
- This is an important decision. Do not allow anyone to pressure you during your transaction.
- Follow your lender's instructions and it won't be complicated.
We specialize in manufactured home lending. A reverse mortgage can be good loan option for many seniors that have equity in their home and for those that wish to purchase with no payment required. Contact us by email at
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or call 877.641.6646. We're happy to discuss your reverse options with no obligation and no sales pitch. |
