Manufactured Homes Reverse Mortgage

Manufactured Homes Reverse Mortgage

 

Usually Reverse Mortgages are not applicable to manufactured home or co-operative apartments. But there are a few lenders who offer reverse mortgages on manufactured homes like Reverse Mortgage Lenders Direct. Equity needs to be available for the Manufactured Reverse Mortgage Loans to be approved – simply take the amount that your home can appraise for and subtract.

 

HUD defines a manufacture or mobile home as a structure that is transportable in one or more sections, and is designed and constructed to the Federal Manufactured Construction and Safety Standards and is so labeled. FHA guaranteed reverse mortgage on manufactured or mobile homes has the following criteria and features unlike a standard home equity line of credit.

 

Manufactured Home Reverse Loan Requirements

1. At least 400 square feet minimum floor area
2. Built after June, 15 1976, to the Federal Mobile/Manufactured Home Construction and Safety Standards as evidenced by an affixed certification label.
3. Property is classified and taxed as real estate and is designed to be used as a dwelling with a permanent foundation built to FHA requirements.
4. Built and remains on a permanent chassis.
5. Mortgage covers both the unit and its site, and has a term of not more than 30 years from date that amortization begins.
6. Finished grade beneath home is at or above the 100-year flood elevation.

 

If you own a manufactured home and are unsure whether your home meets the requirements mentioned above, please feel free to call us on our toll free phone service 877-700-0534 or check for more information on http://www.reversemortgagelendersdirect.com

 

To Qualify for a manufactured reverse mortgage

 

• must be 62 years old (those 60 days from birthday will also qualify)
• must own the home
• have equity in the property (difference between any what the home is worth versus what is currently owed on the mortgage)
• never have defaulted on government debt
• Manufactured homes built after 1976
• must be permanently affixed to the property
• property must be taxed as real property
• skirting is a must – (acceptable perimeter enclosure)
• wheels, axels, hitch must be removed

But don’t forget, Manufactured homes in a park may work, but you MUST own the land. If you pay rent reverse mortgages probably won’t be a solution for you.

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What are the Benefits of a reverse mortgage loan ?

What are the Benefits of a reverse mortgage loan ?

§  keep ownership of the property

§  never have another mortgage payment

§  income is tax free (proceeds/funds you receive are tax free)

§  select how you want to receive your income (monthly, lump sum, both)

§  you can sell home at any time

§  you can leave home for heirs

§  you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)

In addition, the home itself must be of a type that qualifies for the reverse mortgage program. The vast majority of single family homes qualify, as do most condominiums, townhomes, 2-4 unit owner-occupied dwellings and manufactured homes. Your income and credit levels, however, do NOT matter.

To go through the process of getting a reverse mortgage you will need to speak with a reverse mortgage originator or provider. This person will guide you through the preliminary steps, including counseling, home appraisals, inspections, and choice of loan specifics. It is very important to feel comfortable with your lender. Feel free to speak with as many people as you need in order to gain information and feel comfortable. Click here for Reverse Mortgage Rates.

HECM loans & Estate Heirs

Reverse Mortgage? How they work?

Reverse mortgages, how they work?

Introduction to Reverse Mortgages

What is a reverse mortgage - a government insured home mortgage loan specifically designed for seniors who want/need to release equity from their home.

Who Can Qualify For a Reverse Mortgage

§  must be at least 62 or older

§  own a home ( primary residence )

§  have equity in the home

§  never have defaulted on government debt

What are the Benefits of a reverse mortgage loan ?

§  keep ownership of the property

§  never have another mortgage payment

§  income is tax free ( proceeds/funds you receive are tax free)

§  select how you want to receive your income ( monthly, lump sum, both)

§  you can sell home at any time

§  you can leave home for heirs

§  you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)

“Now that you have been introduced to the HECM reverse mortgage definition, qualification process, we can cover how does a reverse mortgage work!”

Reverse Mortgage Disadvantages

This is a loan, therefore when both borrowers pass away or move homes they will pay the loan back, also there are closing costs associated with this mortgage, but by using our free service to compare multiple lenders this wont be a disadvantage.

How reverse mortgages work?

Rhe reverse mortgage allows you to tap into your homes equity, this money is tax free and you can spend it as you wish. This is the only mortgage which is senior friendly as it does not require you to have income or credit scores.

To find out how much you can receive visit: Reverse Mortgage Calculator

To find out more visit Reverse Mortgage Information

Reverse Mortgage? How they work?

What is a Reverse Mortgage and how does it work?

The reverse mortgage loan is for a senior, who wants to get money out from the equity of his home, while he can still keep the ownership. When you think, what is reverse mortgage, you will find out that it offers both an immediate help, but also a long term investment feature.

Even if a senior wants to get cash money with the reverse mortgage loan, this loan is always a long term decision. When a senior thinks, what is reverse mortgage, he has to think issues like the interest rates, especially if his loan will have a variable rate.

1. A Senior Will Use The Equity, But The Equity Continues To Grow.

This is a very important feature, when you think what is reverse mortgage. Despite of the fact, that the reverse mortgage will be taken against the equity of your home, you will remain the owner. And what is even more important is, that the price of your home will increase during a long period of time. It is a good investment.

There has never been a long period of time, that the home prices had not increased, with the only exception of areas, which has lost inhabitants. The price increase means a double benefit for a senior. He will not only use the equity but the equity will at the same time grow.

2. A Senior Can Deduct The Loan Interests In The Taxation.

The nature of the reverse loan is, that the borrower will not pay back anything monthly. All costs and the capital will be paid back, when the loan will be closed. So will the interests. After all interests have been collected and summed together, they will be paid using the sales price of the home. At this phase the borrower can deduct the interests in the taxation.

3. The Repairs Done Increase The Value Of The Home.

Seniors use reverse loans for many purposes. One usual purpose is to make the repairs of their homes. When the homes will be kept in good conditions, their values remain on good levels. In this way, the reverse mortgage loans are used as investment tools and seniors can pick the benefits, when the homes will be sold.

4. The Monthly Cash Lifts Your Standard Of Living.

If someone will ask, what is reverse mortgage, we can say, that it is a way to give a senior more cash money for whatever need he has. He can take the money as a lump sum, as monthly payments, as a credit line or as a combination of all these. How he takes, depends on the needs he has.

When we think in which life situation a typical senior lives, these reverse loans offer a very human way to improve the standard of living and to give aid to people, who have really earned it. It would be very wise, if more seniors would get information about these loans. This would help to distribute the information to more and more seniors.

It would also be useful to distribute more information to make seniors to discuss about these possibilities. The more information is among them, the better they could help each other and to solve those many personal questions, which most seniors have.