Is a mobile home eligible for a reverse mortgage?

Is it possible to get a reverse mortgage on a mobile home that is set as a permanent residence?
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American Advisors Group | Robyn Perry
Yes, it is possible to get a reverse mortgage on a mobile home, as long as it meets HUD guidelines. These guidelines include that you must also own the land that the mobile home is permanently affixed, it must have been built on or before June of 1976, and it must be de-titled by the DMV and taxed as real property. I know these guidelines are strict, but a reverse mortgage is a real estate loan, so the mortgage must be for real property. Because mobile homes can be vehicles or places of residence, these guidelines were put in place to determine the eligibility of mobile homes. It would be beneficial to you to give one of our Professionals a call so we can give you more eligibility information based on your specific situation.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 8/23/2010

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