Manufactured (Mobile) Home definition from the mortgage glossary at QuickenLoans.com. Learn mortgage terms and jargon with the Quicken Loans Mortgage Glossary
Reverse Mortgage on a Mobile/Manufacture Home. – Double-wide homes reverse mortgage. Can I get a reverse mortgage on a mobile home or manufactured home? A lender that finances a reverse mortgage is counting on its ability to sell the property down the road to recoup its investment with interest.
Can You Take Out a Reverse Mortgage on a Mobile Home? – Reverse Mortgage on a Mobile Home. It is possible to take out a reverse mortgage on a mobile home as many types of double and triple wide mobile homes are eligible. There are some specific guidelines that must be met in order to tap into the equity in a manufactured home with a reverse mortgage.
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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: you may be eligible.. Now for the longer answer. As with any prospective borrower, you must be aged 62 or older, you must legally own the home, it must be your primary residence, and you must be eligible for participation in Federal Housing.
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Mortgage options vary for mobile home. don taylor Ph.D. CFA. February 19, 2010 in Mortgages. Dear Dr. Don, I am trying to get a mortgage on a double-wide mobile home located by a lake. This is a.