Reverse mortgage Manufactured Home

Close up of a senior happy

Americans are healthier and living longer and as we reach retirement age, a challenge many face is how to stay in their homes. There is no doubt that housing expense is one of the largest monthly obligations for many. Homeowners often will comment that they will have to sell their homes when they retire but what they really want is to stay in their homes. The Reverse Mortgage is a financing tool that allows homeowners over 62 to keep their homes and stay in it without a mortgage payment; however, they must continue to pay their property taxes and homeowners insurance. It also allows a homeowner to tap equity in their homes to use for whatever they want. There are a couple of options with a Reverse Mortgage: the homeowner may either receive regular fixed monthly payments for life or a lump sum in cash or have access to a line of credit. The reverse mortgage can be customized to each borrower's needs and provide a combination of fixed monthly income and an equity line.

To qualify, all homeowners who are on title (or, in the case of a purchase, going on title) must be over 62 and the home must be a principal residence of one to four units. Condominiums, townhomes (Planned Unit Developments), single family residences and manufactured homes built after 1976 are all eligible properties. Reverse mortgage recipients must participate in counseling with a Housing and Urban Development-approved counseling agency prior to beginning the loan process. Your mortgage professional can provide you with a list of HUD approved counselors.

Good credit is not required for this loan; in fact, even a home in foreclosure may qualify. Any federal debt such as IRS tax liens must be paid but this type of derogatory credit will not cause a loan to be denied. A bankruptcy is the only situation that may disqualify a person for this loan. The property must meet HUD's minimum property standards. Should there be any health or safety issues with the home, repairs would have to be made prior to the close of escrow.

A Reverse Mortgage is officially called a "Home Equity Conversion Mortgage (HECM) or, in slang, a "Heck-Um." The actual terms of the reverse mortgage are dependent on the borrowers' dates of birth, equity in the property, value and location of the home.


H2 Co How to Make a Single Family Appraisal on the Uniform Residential Urar Appraisal Report: Harrison's Illustrated Guide
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Purchase a home using a reverse mortgage

2009-05-29 13:55:27 by Reversemortgagepro

Many people choose to downsize their home after their kids have grown up and moved out. Did you know that you can use a reverse mortgage to purchase a home? If you are 62 years or older, you may sell your current home, use some of those proceeds and purchase a new home with a reverse mortgage. The terrific thing is that you would have no house payment for as long as you lived in the home!

REgistration needed to get REverse Mortgage

2004-09-03 19:35:29 by memberofhumanity

I some states you need to take a course before taking a reverse mortgage, simular to a first time home-buyers program.
Why would you give up your equity? There are other options.....
If you are trying to find a way to get money to purchase or cover the cost of long term care then make sure an eldercare attourney is involved...

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How America abandoned its “undeserving” poor  — Salon
The decimation of manufacturing evident in Rust Belt cities resulted from both the growth of foreign industries, notably electronics and automobiles, and the corporate search for cheaper labor. Cities with economic ....

HUD Issues Final 'Qualified Mortgage' Definition  — Reverse Mortgage Daily
The QM definition also covers Title II manufactured housing, Title I manufactured housing and property improvement loans, Section 184 Indian Home Loan Guarantee Program mortgages, and Section 184A Native Hawaiian Housing Loan Guarantee Program ..

More concerns over reverse mortgages  — Chicago Daily Herald
For a while there we were supposed to say "mobile home" and now I believe the respectful term is "manufactured housing." Q. Your column on foreclosures says talk to the bank; they do not want to own property.

Forms and Worms How to fill out a Freddie Mac-Fannie Mae: Residential appraisal report (FHLMC form 70-FNMA form 1004) (Harrison's illustrated guide)
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Harrison's Illustrated guide to the Uniform residential URAR appraisal report
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