can you get a reverse mortgage on a manufactured home

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If you’re a senior (ages 62 or older) who owns in a manufactured or mobile home, you may wonder if a reverse mortgage is an option. Indeed, you may be able to take out a reverse mortgage on manufactured homes, however, that’s not the case for mobile homes. This may be a bit confusing.

That’s a total out-of-pocket cost of $800 to $1,000 to obtain a reverse mortgage. manufactured homes Are Not Off-Limits. If you hear that you can’t get a reverse mortgage loan on a manufactured home, don’t despair: it’s a common misconception.

How it works and who can get one A reverse mortgage gives homeowners. townhouse, or manufactured home built after June 1976. Co-ops or apartment buildings with more than four units are not eligible.

HUD will not allow you to have a mobile home on the parcel being financed with a reverse mortgage unless it is a manufactured home that is the home being financed and meets their requirements. In this case, if you have a secondary structure on the property that is a temporary mobile home, the only way you would qualify for a reverse mortgage would be to remove that home in order to obtain the reverse mortgage.

You could get a personal loan to purchase or refinance a manufactured home. Approval times are fast and you might have an easier time getting approved for a personal loan rather than a mortgage.

Reverse Mortgage Requirements for manufactured homes clayton homes manufactured home The requirements for this type of property to qualify for a reverse mortgage are even more stringent than those used to determine eligibility for FHA financing for a manufactured home Don’t assume your manufactured home is eligible for a reverse mortgage just because you were able to get an FHA mortgage when you purchased it.

Simply put, the answer is "maybe". So the real question for you is probably. Can I Get A Reverse Mortgage On A Manufactured Home " can I get a reverse mortgage on MY manufactured home ". It will be helpful to distinguish the type of home you have. Often times people confuse a manufactured home with a modular home.