Do you need money? Are you at least 62 yrs old? Do you have a mortgage on a mobile home built after 1976 on a permanent foundation on your land? You could qualify for a reverse mortgage.
Why Choose a Reverse Mortgage?
The years fly quickly past and before we realize it we are facing retirement with little or no money put aside to enjoy. A reverse mortgage is simply a means of converting your home equity into a tax-free, monthly income without having to relinquish your mobile home.
What are the Requirements for a Mobile Home Reverse Mortgage?
The reverse mortgage is an option for mobile home owners who are at least 62 years of age, whose homes were built after 1976 and the mobile home sits on a permanent foundation on the land that the mobile home owner owns.
Are Reverse Mortgage Payments Tax-free?
The equity payments from a reverse mortgage can be a way to remain in your mobile home and receive tax-free income that will not affect your Social Security payments or Medicare benefits.
Are Reverse Mortgage Companies Insured and What Else do I Need to Know?
The federally-insured Home Equity Conversion Mortgage (HECM) is the reverse mortgage type that is chosen more often from the mix of reverse mortgages available. Don’t just rely upon interest rates when choosing the best reverse mortgage for your mobile home. Think about it like this: a perfectly wonderful meal at a fantastic restaurant can become a nightmare outing if the waiter is horrible. This analogy could apply to the loan servicing by your reverse mortgage company. Consider asking for references and checking with them to insure that you are choosing the best reverse mortgage lender on your mobile home that will be able to meet your needs.
Once you obtain the reverse mortgage on your mobile home, spend the money enjoying the rest of your retirement years living life to the full.
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