Frequently Asked Questions
Can you get a reverse mortgage on a manufactured home?
Yes, you can get a reverse mortgage on a manufactured home. However, these homes have to meet some very specific requirements that allow them to pass the HUD guidelines. If they do satisfy the HUD guidelines, then they can be used.
What Sets a Manufactured Home Apart from a Mobile Home?
A manufactured home is usually built on a permanent foundation and all the trailers are removed. In addition, it would no longer use DMV registration, instead, it would be taxed as real property.
A mobile home, on the other hand, is not built on a permanent foundation and it can be moved at any time.
It is registered with the DMV and taxed as personal property.
Would a Manufactured Home Require HUD Tags?
Yes, the very first thing an appraiser will look for is the HUD tag located on the exterior of your manufactured home. And this implies that the home was built on, or after June 15, 1976.
Is It Possible to Get a Reverse Mortgage on a single wide manufactured home?
No, single wide homes cannot be used to apply for reverse mortgages. In order for a manufactured home to be eligible, it would have to be at least a double-wide or two section home.
Can a Reverse Mortgage Be Used to Purchase a Manufactured Home?
It is very possible for you to purchase a manufactured home that is eligible going by HUD guidelines with a reverse mortgage, however, it might not be a very great idea.
For starters, you need to ensure that the purchase contract gives you sufficient time to do all inspections. If not, you might end up losing your deposit and become obligated to buy the property in addition to the appraisal.
Getting to know whether the property meets up to HUD guidelines within the regular 7-10 days that most sellers offer to buyers for getting rid of contingencies is a nearly impossible task.