1 year ago

Can You Do an FHA Reverse Mortgage on A Manufactured Home?

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For More Reverse Mortgage info, contact:
Shawn@LifeSourceMortgage.com
(949) 492-2252 x 704
🔥🔥🔥🔥More Info🔥🔥🔥🔥
https://lifesourcemortgage.com/reverse-mortgage

Video transcript:
Hi there,
Thanks for stopping by the LifeSource Mortgage Youtube Channel.
My name is Shawn and today I’ll be talking about the question, Can You Do An FHA Reverse Mortgage On a Manufactured Home?
With that said, let’s just go ahead and dive in.
I’m gonna go through some of the basic quaifications
And in case I miss something, cuz there kinda is a long list,
I’ll put them down in the description below.
And of course, I’ll put my contact info in the description below.
If you wanna get any information about a reverse mortgage, check it out.
I’d love to hear from you.
Ok. First and foremost, your home needs to be 400 square feet or more.
Next, it has to be built July 15th 1976 or newer.
It can be a single wide, double wide, or triple wide, but do note that not every lender does single wides.
A lot of them just don’t like them. So, if talk to someone and they tell you “no”,
It might be because the work for a lender that doesn’t do it.
Your best bet might be to talk to a broker that’s aligned with several reverse mortgage lenders.
Double wides are easier to do, same with triple wides.
More places do double wides and triple wides than single wides.
Next, the tongue and axle need to be removed.
It has to be on a permanent foundation.
It has to have permanent skirting and has to have permanent utilities hooked up.
It has to be on the original site.
So let’s say someone bought a new one whether it be you or a previous owner.
It gets shipped to the site (and it has to be on land that you own), it can’t be moved from that original site. That would make it ineligible for an FHA reverse mortgage.
It has to have the HUD tags and like I said, it has to be on a permanent foundation.
And then, in terms of the appraisal, there’s a lot of requirements.
Basically, you have to have at least two comparable sales that are manufactured homes.
More is better, but that’s the minimum requirement.
And then, there are other requirements in terms of the distance the comparable sales have to be.
Usually for, um, urban areas they need to be within 1-2 miles of your place.
And then for rural areas, they can actually go as far out as 20 miles,
But lenders do put what we call overlays above and beyond FHA rules.
So, some lenders say, “we want them to be within 10 miles of your property.”
And, some of them use FHA guidelines and the 20 mile number.
So, you might wanna just talk about that if you’re in a rural area or if there’s not many sales
So that the loan officer can do some research in terms of whether it looks like it’s a viable deal for you to get a reverse mortgage on your manufactured home.
Just a quick note. There are proprietary reverse mortgages that are not FHA insured
And pretty much none of them do reverse mortgages on manufactured homes.
Alright, with that said, that pretty much covers the bulk of it. And again, I might have forgotten or missed something, but I’ll put a list of pretty much all the requirements down in the description below.
Again, I’d love to hear from you. LifeSource Mortgage is licensed in CA, CO, and ID. However, I do know a bunch of reverse mortgage professionals. So if you’re not In those states, I might be able to connect you with someone that can help you.
Take care!

Guidelines at a glance:
- 400 Plus square feet
- constructed after July 15, 1976
- built and remain on perm. chassis
- axles and tongue removed
- permanent utilities
- Perm. skirting
- be on original site
- own the land
- have the HUD tags
- at least 2 comparable sales need to be manufactured
- foundation inspection
- comparable need to be less than 20 miles in rural areas (some lenders want less than 10).
- taxed as real estate

🔥Get Your Free Info Kit🔥
For More Reverse Mortgage info, contact:
Shawn@LifeSourceMortgage.com
(949) 492-2252 x 704

🔥🔥🔥🔥More Info🔥🔥🔥🔥
https://lifesourcemortgage.com/reverse-mortgage
#ReverseMortgageOnAmanufacturedHome #ReverseMortgage #MobileHomeReverseMortgage

www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

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