can you get a reverse mortgage on a mobile home

Getting an appraisal for a reverse mortgage on a log home would require other similar home sales made of logs. If an appraiser is unable to find similar log home comparable you might be better off waiting.

Aging boomers probably remember Rodney Dangerfield as the comedian who lamented, “I don’t get. with Reverse Mortgages?” describes four reverse mortgage “nevers” to help alleviate common.

Most people won’t get a reverse mortgage until their home is completely paid off, but you may still be eligible even you are still making payments. The lender will investigate your financial situation and evaluate whether they think you can afford the costs associated with a reverse mortgage.

Getting a reverse mortgage loan is different from getting a regular mortgage, the kind you use to buy a home. Not only does the product itself have significant differences, so do the requirements to qualify and the lenders that offer it. Here’s what you need to know about how to get a reverse mortgage loan.

how to buy your first home with no money down 5 things to do before you start looking for a new home – If you’d like to buy a house. In addition, you’ll need to borrow less money, so this will further lower your monthly payment. Particularly if you’re a first-time home buyer, saving for a down.

A reverse mortgage is simply a home loan that allows homeowners to convert part of the equity in the home into cash. You get money based on The federal government will back reverse mortgage for certain manufactured homes, but lenders do not typically grant reverse mortgages for mobile homes.

Voss' husband had taken out a home equity conversion mortgage, She's looking at apartments and is considering moving into a mobile home community. “Whatever you do, get an attorney to read over everything before.

A few weeks ago I received an email from someone with questions about manufactured housing. Below is a copy of the email: I am trying to help my mother select a used manufactured home in a senior community which will qualify for a reverse mortgage when she needs one down the road.

While not all manufactured homes qualify for reverse mortgage loans, there are circumstances under which they do. A number of stringent requirements A true mobile home – meaning one that was built prior to 1976 – is not eligible for a reverse mortgage. However, certain newer manufactured homes.

Unlike a ‘normal’ mortgage, home equity loan or a home equity line of credit – you are guaranteed to keep ownership of your home for life and the lender cannot take it away for any reason whatsoever. Yes, you can get a reverse mortgage on a mobile home.

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