You may be eligible if you’re the owner of a manufactured home and you’re wondering about your eligibility for a reverse mortgage, here’s the short answer.
Now for the answer that is longer. Just like any borrower that is prospective you truly must be aged 62 or older, you need to legitimately obtain the house, it should be much of your residence, and you also should be entitled to involvement in Federal Housing management programs.
And when you have a manufactured home, yes, you could get a reverse mortgage—as very long because it had been built after June fifteenth, 1976.
Exactly why is this date that is particular essential? It is as soon as the Department of Housing and Urban developing (HUD) began managing the construction of manufactured domiciles under founded tips. (domiciles from before this date will likely not be eligible for FHA-insured loans)