Manufactured Home Reverse Mortgage

Is It Possible To Be Given A Reverse Mortgage with a Manufactured Home in Ashland Oregon ?

The quick answer is yes. However, there is more to this answer that you need to be aware of to make sure you understand what getting a reverse mortgage on a manufactured home in .

Reverse Mortgage FHA Specifications For Manufactured Homes In

1. Your home in is required to have been been constructed on or after June 15th of 1976. Houses built before June 15, 1976, even with improvements, fail to meet the HUD requirements and will not be accepted as compliant with the HUD Code. FHA doesn’t insure mortgages on manufactured homes produced prior to June 15, 1976. Almost every other mortgage insurance firms go along with FHA’s policy.

2. You will need to get the home inspected utilizing a structural engineer. The charge for that inspection can run somewhere between $300 to $750 or more. The purpose of the inspection is to ensure the manufactured home has been installed to FHA standards, any additions i.e. decks, porches don’t affect the structural stability and also to determine whether tie downs are necessary.

3. Typically tie downs are necessary. Tie downs are steel cables which are connected to the home and concrete runners under the home. Set up costs of tie downs ranges from $1000 to $2000 or higher.

4. An IBTS report may be required. All manufactured homes made after June 15, 1976 should have one or more label(s) mounted on them: a manufactured home HUD label(s) in addition to a Data Plate/Compliance Certificate. If the home is missing this information or the labels or certificate is illegible an IBTS report will be required. This report will be several hundred dollars.

5. Nearly all lenders will require the house to be a minimum of a double wide. Typically lenders won’t mortgage single wide manufactured homes.

6. You must own the lot your manufactured home is on. Quite simply if you are leasing the land, for example in a mobile home park, you will not be qualified to receive a reverse mortgage. If your manufactured home is in a PUD (planned unit development) in which you own the lot, you will be able to qualify.

7. When your house is on extremely significant acreage you might not be eligible for a reverse mortgage. It is best to meet with a reverse mortgage expert in to find out the answer to this condition.

Put simply, obtaining a reverse mortgage for a manufactured home in could cost a few hundred to several thousand dollars more in comparison with non-manufactured homes.

Besides the things mentioned above, the process, costs and the amount you are able to borrow is the same as if it wasn’t a manufactured home.

A few other Questions Concerning Manufactured Homes and Reverse Mortgages in

Just what is a manufactured home?

A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards (HUD Code) and includes a red certification label on the outside of each transportable section. Manufactured homes are constructed in a managed environment of a manufacturing plant and they are moved in one or more sections on a permanent chassis.

Just what is the distinction between manufactured and modular homes?

Manufactured homes are manufactured in accordance with a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, as opposed to conventional building codes, mandates manufactured homes to be produced on a permanent chassis. Modular homes are built to the same state, local or regional building codes as site-built homes. Other types of systems-built homes include panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.

My house was made prior to June 15, 1976. I have completed some modifications to my house and believe it meets the HUD Standards. Can a person come check my home to ensure it’s in compliance with all the Standards?

HUD doesn’t inspect homes. Homes constructed prior to June 15, 1976, despite having modifications, fail to satisfy the HUD standards and cannot be authorized as certified with the HUD Code. As the homeowner, you could find a licensed engineer equipped to inspect your home for compliance with your state’s housing code. FHA doesn’t insure mortgages on manufactured homes built prior to June 15, 1976. The majority of mortgage insurance companies adhere to FHA’s policy.

Will HUD issue certification labels (HUD tags) if my manufactured home was built prior to 1976?

No. The Department won’t issue tags for a manufactured (mobile) home built before the enforcement of the Manufactured Home Construction and Safety Standards, effective June 15, 1976.

I have a park model manufactured home and have completed upgrades to my mobile home. I have been informed I need to get a HUD label. How can I get one?

No matter the improvements made to your park model, it’s not possible to purchase a HUD label on any kind of structure that has not been built and inspected as a manufactured home as outlined by HUD’s Manufactured Home Construction and Safety Standards and Regulations during its principal construction. You could get in touch with the Recreational Park Trailer Industry Association http://www.rvia.org/?ESID=PMRV for more information and resources with regards to park model homes.