Mortgage Home Equity

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.


John Wiley & Sons Mortgages For Dummies, 3rd Edition
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Reverse mortgages

2009-01-29 20:00:41 by RM_Guy

A reverse mortgage allows seniors 62 and over to live the rest of their life in the home they love, with dignity.
It is a flexible loan with many special and unique features that enables seniors to convert home equity into tax-free cash flow. No monthly payments EVER. It is a product that truly has the capability to change and improve the quality of life, and provide independence, respect and security to seniors.
In a nutshell, the senior has access to funds from several different payment options, they always retain Title to the home, the loan is paid back with proceeds from the house, when the borrower dies, moves, or sells the home

Reverse mortgage

2010-03-22 21:12:56 by TheDogFatherII

Is not really a mortgage, but a "non-recourse loan". The loan becomes payable upon your mother's death, or if she moves out of her home. Normally the home is sold at market price and the loan is paid off. Any remaining equity would be in her estate. Depending on the size of her estate, you may or may not be subject to estate tax, otherwise known as the "death" tax. This year there is no estate tax, but next year bend over and grab your ankles (don't forget to pre-lube).
If she were to become a ward of the state in a nursing home, they would still have to pay off the loan and could only take the remaining equity and other assets.

Mortgage rates are down

2004-03-14 06:08:58 by nowsTheTime

Cash out refinance is where you pay off the first mortgage, get a new mortgage, and also take out some of the equity paid as well. No cash out is just a straight refinance, where you pay off the first mortgage and then get a new mortgage with different terms. Secondary mortgage is where you get a loan for the home's value above 80%. Typically done for people who do not have the cash to place 20% down. Usually has a much higher interest rate.

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What is your net worth?  — Michigan State University Extension
Financial liabilities include mortgage, home equity loan, bank loan, car loans, personal loans, student loans, loan from a relative or friend, cash advances, medical bills, taxes owed, alimony/child support owed, credit card debt and any other type of ..

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