Monday, August 5, 2013

Reverse Mortgages on Manafactured Homes


We now have the availability to pklace a reverse mortgage on a manufactured home.

 

The basic requirements?

               

  • Built after June 15, 1976 and newer – The manufacture date is confirmed by the HUD tags affixed to the subject home. No exceptions. 
  • Manufactured home must be doublewide or more 
  • Minimum home size of 800 sq ft 
  • Maximum lot size of 10 acres 
  • Affixed HUD Tags – The manufactured home must have the HUD tags affixed to the outside of the home. If the home is a multi-wide unit, each section must be labeled. The appraiser is required to list the label number(s) on the appraisal report in one of the comment sections. 
  • Permanent Foundation – The home must be affixed to an FHA-approved permanent foundation. 

As always, please call me with any questions!

 

Scott Larson

Reverse Mortgage Specialist

 

(408) 315-2503 direct

(408) 872-4002 fax

 



 

The Information Age offers much to mankind, and I would like to think we will rise to the challenges it represents.    But it is vital to remember that information – in the sense of raw data – is not knowledge, that knowledge is not wisdom, that wisdom is not foresight.  But information is the first essential step to all these.   -unknown

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