Manufactured Homes Reverse Mortgage

Manufactured Homes Reverse Mortgage

 

Usually Reverse Mortgages are not applicable to manufactured home or co-operative apartments. But there are a few lenders who offer reverse mortgages on manufactured homes like Reverse Mortgage Lenders Direct. Equity needs to be available for the Manufactured Reverse Mortgage Loans to be approved – simply take the amount that your home can appraise for and subtract.

 

HUD defines a manufacture or mobile home as a structure that is transportable in one or more sections, and is designed and constructed to the Federal Manufactured Construction and Safety Standards and is so labeled. FHA guaranteed reverse mortgage on manufactured or mobile homes has the following criteria and features unlike a standard home equity line of credit.

 

Manufactured Home Reverse Loan Requirements

1. At least 400 square feet minimum floor area
2. Built after June, 15 1976, to the Federal Mobile/Manufactured Home Construction and Safety Standards as evidenced by an affixed certification label.
3. Property is classified and taxed as real estate and is designed to be used as a dwelling with a permanent foundation built to FHA requirements.
4. Built and remains on a permanent chassis.
5. Mortgage covers both the unit and its site, and has a term of not more than 30 years from date that amortization begins.
6. Finished grade beneath home is at or above the 100-year flood elevation.

 

If you own a manufactured home and are unsure whether your home meets the requirements mentioned above, please feel free to call us on our toll free phone service 877-700-0534 or check for more information on http://www.reversemortgagelendersdirect.com

 

To Qualify for a manufactured reverse mortgage

 

• must be 62 years old (those 60 days from birthday will also qualify)
• must own the home
• have equity in the property (difference between any what the home is worth versus what is currently owed on the mortgage)
• never have defaulted on government debt
• Manufactured homes built after 1976
• must be permanently affixed to the property
• property must be taxed as real property
• skirting is a must – (acceptable perimeter enclosure)
• wheels, axels, hitch must be removed

But don’t forget, Manufactured homes in a park may work, but you MUST own the land. If you pay rent reverse mortgages probably won’t be a solution for you.

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What are the Benefits of a reverse mortgage loan ?

What are the Benefits of a reverse mortgage loan ?

§  keep ownership of the property

§  never have another mortgage payment

§  income is tax free (proceeds/funds you receive are tax free)

§  select how you want to receive your income (monthly, lump sum, both)

§  you can sell home at any time

§  you can leave home for heirs

§  you are not at risk for foreclosures ( you have to pay for maintenance, taxes, and home insurance as this could lead to a technical foreclosure)

In addition, the home itself must be of a type that qualifies for the reverse mortgage program. The vast majority of single family homes qualify, as do most condominiums, townhomes, 2-4 unit owner-occupied dwellings and manufactured homes. Your income and credit levels, however, do NOT matter.

To go through the process of getting a reverse mortgage you will need to speak with a reverse mortgage originator or provider. This person will guide you through the preliminary steps, including counseling, home appraisals, inspections, and choice of loan specifics. It is very important to feel comfortable with your lender. Feel free to speak with as many people as you need in order to gain information and feel comfortable. Click here for Reverse Mortgage Rates.

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Pros and Cons!

Reverse Mortgage Pros and Cons

The upsides of reverse mortgages

§  You can choose how to receive the money: fixed monthly payment, lump sum, line of credit or some combination of these options.

§  Income from reverse mortgage generally does not affect Social Security or Medicare benefits.

§  If you “outlive the loan,” meaning you receive more in payments than your home is worth, you will never owe more than the value of the home, according to the Federal Trade Commission, or FTC.

§  Reverse Mortgage Loans advances are generally not taxable.

§  Most loans do not have income requirements.

§  Homeowner retains title to home.

§  No payments are due until last surviving borrower dies, sells home or no longer lives in home as primary residence.

§  HECM Reverse Mortgage programs allow borrower to live in nursing home or other medical facility for up to 12 months before loan becomes due.

§  After the home is sold and the loan and fees are paid to the lender, any remaining equity in the home belongs to you or your heirs.

The downsides of reverse mortgages

§  Reverse mortgage proceeds could impact Medicaid eligibility.

§  Borrowers must be at least 62 years old to qualify.

§  Lenders generally charge origination fees and other closing costs.

§  Lenders require free debt counseling prior to loan application.

§  Lenders may charge servicing fees during term of the mortgage.

§  Debt increases over time as interest is charged to outstanding balance of loan.

§  Most Reverse Mortgage Loans have variable interest rates tied to short-term indexes, such as the one-year Treasury bill or LIBOR. Fixed Rate Loans are available.

§  As home equity is used up, fewer assets are available to leave to heirs.


§  Interest is not tax deductible until the loan is paid off.

§  Borrowers are responsible for paying taxes, homeowners insurance, maintenance costs and other expenses. If they don’t, the loan may become due.

In addition, you can never owe more than the value of your home. Even if you have been paid more than your home is worth, you can only owe the value of your home. When the loan comes due, you or your heirs can either pay off the loan with existing funds or sell the house in order to satisfy the loan. Excess proceeds from the sale go to your or your estate. If you still have doubts, check this: Reverse Mortgage Lenders Direct

Want to know about Reverse Mortgage Rates?

Reverse Mortgage Lenders Direct have daily reverse mortgage rates, which can help you determine your borrowing costs, how much money you will receive, and whether it is a good time to even consider getting a reverse mortgage. When considering a reverse mortgage, the interest rate you receive is very important as it determines the cost for you to borrow this loan.

While you don’t have to make any payments with a reverse mortgage, the interest is accruing and building up making you equity lesser with time. This is how the bank makes their money with a reverse mortgage, so the lower the interest you receive the better off you are.

Interest Rates and How They Affect Reverse Mortgages

As mentioned above this is a crucial factor in lending costs for a reverse mortgage, and even a .5% can make a big difference in borrowing costs. Reverse Mortgage Lenders Direct have an specialist who are trained in reverse mortgage rates comparison, and by you contacting us we are able to then tell you your real cost of borrowing, or taking out a reverse mortgage.

You are able to either borrow a reverse mortgage loan with fixed interest rates or variable interest rates. Variable interest rates track an underlying index like the libor and fluctuate, while the fixed rate is always the same. Fixed rate mortgages are easier to plan for since your loan amount would be given by lender provides for more security, more transparent, and overall safer for consumers.

Reverse mortgage interest rates are at all-time lows, there is currently plans for both a restrictions on reverse mortgages or tougher qualification standards. We recommend seniors (Reverse Mortgage for seniors) to consider reverse mortgages now as the rates are low and home prices are still stable.

You can use a Reverse Mortgage Calculator to find you how much you can qualify for and if you need more information visit Reverse Mortgage Information