Mortgage for Mobile Home

Nowadays, you will notice that there are tons of elderly homeowners who are perplexed whether they can get mobile homes reverse mortgage or manufactured homes. Should you be among those who experienced similar situation like this or you some someone who encountered this problem, then considering perusing this article.

Prior to discussing more about reverse mortgage, there is a need to clear the perplexity about manufactured homes and modular homes. In simple terms mobile homes or the manufactured homes are those with axles and wheels, while modular homes are those that come on flatbed trucks and are erected on specific areas. Despite its differences, reverse mortgages work on both of them but the only difference is that the modular homes home minimal requirements.

What Is Reverse Mortgage?

This is also known as home equity conversion mortgage (HECM) that possesses low interest rates and are available to senior property owners. These people use the equity of their homes as collateral in obtaining reverse loans and the money they derived from it are used in supplementing their retirement income, in paying for unexpected medical expenses and much more. Click here to learn more about HECM horror stories. These individuals have no obligation in making loan payments unless these properties are sold, they relocate or they pass away.

Criteria For Reverse Mortgage Eligibility

The Federal Housing Administration (FHA) requires reverse mortgage borrowers to be at least 62 years old. Meanwhile, there is also a need for borrowers to possess full ownership for their real properties and must made half payments on their mortgage balances. Whenever you have existing mortgage loans, you can make full payments to it the moment you get your reverse mortgage loan. Borrowers are not required to submit credit requirements as well as credit history.

Are There Any Mobile Home Eligibility?

Even though all kinds of homes are eligible in reverse mortgage, nevertheless mobile homes should exist for about 30 years. You need to meet the inspection requirements set by the Federal Housing Administration. The Housing and Urban Development will affix stickers on your homes to know the exact time of its construction.

Other Criteria In Getting Reverse Loan For Mobile Homes

1. These manufactured homes have to be constructed after June 1976.

2. Your mobile homes should be bigger than single wide, otherwise you cannot qualify for reverse loans for mobile homes.

3. It is also required that you are not situated in a flood zone area or else you will be disqualified.

4. Your manufactured home must be situated in a lot you own or else you will be disqualified in availing the reverse loan for mobile homes. If you rent or lease the land where you park your manufactured home, then reverse mortgage is not for you.


Foreclosure on a mobile home HELP

2008-05-09 16:21:14 by pamela12345

Six months ago I puchased a mobile home and was living with the cosigner of the loan.The cosigner moved out unexpectantly and I fell behind 2 months in my payments.I spoke with the mortgage company and they told me if I made one payment they would work with me and allow me to make payments on the second month.The day I took my payment in they typed me a letter stating if I did not make the other payment then they would start foreclosure.I have done everything to make arangements with these people but all they keep saying is this is a new loan and it should not have fallen behind.I am aware of how old this loan is and I did not by choice fall behind

Mobile Home - How do I get out of this mortgage?

2012-06-13 11:45:30 by Tome811

I've been in a 28 x 40 mobile home for 13 years. I still owe $19K and rent the lot it sits on. I can't afford the repairs it needs and wish to be able to walk away from this and maybe it's back to an apartment life for me. Any ideas of how I can get out of this? Please reply by e-mail as I only can use the internet from a library. Thanks!

Dare's former girlfriend convicted in mortgage

2010-03-23 16:57:06 by WretchedRabbit

Dare's former girlfriend convicted in mortgage fraud scheme
By BRENDAN J. LYONS, Senior writer
Last updated: 11:07 p.m., Thursday, March 18, 2010
ALBANY -- Ana Monteiro, the ex-fiancee of Aaron R. Dare, was convicted of 17 criminal charges late Thursday related to her role in a sweeping mortgage fraud scheme involving dozens of homes and an untold number of victims.
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An Albany County jury returned its verdicts just before 9 p.m. after two full days of deliberations

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