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Can a mobile home be used in a reverse mortgage?

Updated: 8/18/2019
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13y ago

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Yes, in very limited circumstances. If the land is completely paid for and has other permanent improvements, it may qualify. I've seen a 10 acre horse training facility in a resort area qualify. Though the mobile home was treated as if it did not exist for appraisal purposes, there was enough value in the guest cottage, barns and outbuildings to issue the reverse mortgage, it took an extremely capable mortgage broker to make it happen.

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Q: Can a mobile home be used in a reverse mortgage?
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Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?

No. The reverse mortgage affects only the property used as collateral for that loan.


I am wondering what is the definition of a reverse mortgage?

The definition of reverse mortgage is when the bank takes out a loan based on your property. This is used for extending your mortgage beyond what it is now.


What is the Maximum LTV for a reverse mortgage Is it based on an appraisal can the current mortgage vbe wrapped around within the reverse mortgage and be paid off to the current lender?

The Maximum amount (called the principle limit) is based on 3 things. 1: age of the youngest applicant. The older you are the more you get from the proceeds. 2: Home Value- the more valuable the home (up to the lending limit of $625,500 the more proceeds are available) 3: Interest Rates - Anytime the expected rate is greater than 5.50% less proceeds will be made available What is a Reverse Mortgage? A Reverse Mortgage is a financial instrument available for seniors 62 years or older. A regular mortgage requires the borrower to make a monthly payment that generates equity; a reverse mortgage does the opposite by paying you either a monthly payments or one lump sum from your home's equity. The owner of the home retains title and full ownership of the home and repayments of the loan are deferred until after the senior permanently vacates the home. A Reverse Mortgage is a loan, but in reverse. You retain title, and ownership, with full control of your home. When you do a Reverse Mortgage you will never be forced from your home since there is no time limit with the loan. The Federal government guarantees all Reverse Mortgages. There are no personal liabilities to you or your heirs. Repayment is due after all homeowners permanently vacate the home. The money you receive from the lender with be tax free, and never required to pay any of it back, even if the home value drops below the loan payment. A Reverse Mortgage will not affect the appreciation of your home. Your home may or may not continue to increase in value. You receive the money from a Reverse Mortgage, by way monthly payments, lump sum or even a line of credit; or a combination of the three. The amount of money you receive from a Reverse Mortgage depends on few factors, your age, appraised home value, interest rates, and the location of the property. The older you the more money you get from a Reverse Mortgage. The funds you receive from a Reverse Mortgage can be used for anything you want, it's your money.


Where can I learn about reverse mortgage wells?

Reverse mortgage wells refer to the reverse mortgages that Wells Fargo used to provide, but no longer due. Information on reverse mortgages can be found on a banking website or reversemortgagedaily.com.


What if you file bankuptcy and have a reverse mortgage?

The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.


If land is used as collateral for a mobile home purchase will the land be taken by the lender if the owner can't pay the mortgage?

Yes, unfortunately. The land will be on the deed of the property along with the mobile home, therefore, it will go to the lender.


Used Mobile Home value?

There is a mobile home lender that allows you to get an advanced mobile home book value online.ANS 2 . - THE ABOVE LINK IS A SCAM ! - It is NOT free -you need to have a mortgage with them or pay a "small fee"Any reputable realtor will give you a realistic evaluation free of charge.


What is a mortgage loan used for?

A mortgage loan is used to purchase real estate, usually a home.


Can a home with a reverse mortgage be used as collateral for a bail bond?

Yes it can, however there may be stipulations to your reverse mortgage contract that would either allow or disallow the pledge of the home. Another factor is the current market value of the home and the banks willingness to sell or to reassign the note on the reverse mortgage. Jake's Bail Bonds has experience with reverse mortgaged homes and can assist (depending on your circumstances) with most reverse mortgaged homes used for a bail bond. Jake's Bail Bonds (408) 269-0009 office www.BAILBYJAKE.com Jacob Peters - Jake Peters Owner / Agent CA Bail Agent 1843427 * Loved one in jail? Call Jake Now!


Do you pay sales tax on a used mobile home in Pennsylvania?

If you buy a used mobile home from the owner, the lender financing the home with a mortgage or personal property loan normally sees that the sales taxes are paid. However, if you are paying cash for the mobile home instead of financing the purchase, you are responsible for paying sales tax when ownership of the mobile home is transferred to your name. Usually, sales tax is assessed and collected when you register the home with the motor vehicle agency inyour state.


Can a bankruptcy be filed on a reverse mortgage loan?

Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.


The Reverse Mortgage?

A reverse mortgage allows you to get cash out of your house without having to sell and move or make monthly payments as you continue to live in your home.A “reverse” mortgage is simply the reverse of a regular or “forward” mortgage. In a forward mortgage, we use our income (from a job, for example), combined with a debt instrument to create equity in a home. In the reverse mortgage, equity that is built up in the home is used to create an income.The most common reverse mortgage is the “Home Equity Conversion Mortgage” or HECM and is currently the only reverse mortgage insured by the U. S. Government (Federal Housing Administration).It is important to understand that a reverse mortgage is a LOAN against your home and, as such, it MUST be paid back. Here are some key points:You DO NOT have to pay back the loan for as long as you live in your home.You DO NOT have to make any monthly payments for as long as you live in your home.All homeowners MUST be age 62 or above;The home MUST be the principal place of residence.How much you can you borrow depends on your age (loan amounts are based on the youngest applicant’s age); the appraised value of the home; and, current interest rates. However, there are limits as to how much you can borrow and this amount is set regionally by the FHA.Paying Back a HECM LoanRemember, this is a LOAN and must be paid back. However, there are NO payments due while you live in the home. Additionally, due to the insurance aspect of the loan, you or your heirs will never owe more than the value of the home – regardless of how much is owed on the loan.HECM CounselingAll potential borrowers MUST have consumer information counseling. This session can be done either face-to-face or by phone and may seem cumbersome but it has been put in place to protect you – the consumer.You would be well advised to research both the pros and the cons of a reverse mortgage. They have helped many seniors financially but there are strings attached. Spend time on the government’s website and then discuss your situation with a HECM counselor.