A reverse mortgage can be a life saver to most seniors who are on a fixed income. With the way that the economy is today, many senior homeowners do not have the resources they once had available to them that seniors from years past had. Some seniors live in non-traditional housing and may be wondering are reverse mortgages available for mobile or manufactured homes? There are certain stipulations regarding the types of homes qualify for reverse mortgages.
Reverse Mortgage Qualifications For A Home
For a home to qualify for a reverse mortgage it must be the primary residence of the homeowner and be a single family unit, or a two to four unit apartment building with the homeowner occupying at least one of the apartments in the building. Other types of homes that may qualify for a reverse mortgage include; townhouses, planned community homes, condominiums, and some manufactured homes. Mobile homes generally do not qualify for a reverse mortgage unless the property is located on the mobile homeowner’s own land and it is a permanent, immovable dwelling.
Getting A Reverse Mortgage On Non-Traditional Homes
It is possible to get a reverse mortgage on a mobile or manufactured home. Because the home is considered personal property and is not considered real estate the land underneath the home must be owned. Also, there may be structural considerations that will determine if the mobile or manufactured home qualifies. The wheels have to be removed from the mobile home and the foundation of the home must be on a permanent structure. Also, the mobile home has to be one that was built after 1976 in order to qualify.
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