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 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.

In addition to the eligibility requirements that apply to all HECM loans (home equity conversion mortgage) such as that the borrower must be at least 62 years of age and live in the home as a primary residence, a mobile home must also meet the FHA manufactured home requirements.

A few examples of these requirements include (subject to change – please contact us for the most up-to-date information):

  • Must be at least 400 square feet in size.
  • Must have been built after June 15, 1976 and conform to the Federal Manufactured Home Construction Safety Standards
  • Both the home and the site it is built on must be financed with the reverse mortgage.

Not all mobile homes are eligible for reverse mortgage financing. Ineligible mobile homes include:

  • Manufactured homes that were built before June 15, 1976.
  • Any manufactured home, regardless of when it was built, that does not meet the Manufactured Home Construction Safety Standards. Certification labels must be affixed to the home showing that it has been certified as meeting these standards.
  • Manufactured homes without a permanent foundation.
  • Manufactured homes that have been moved from another location where they were previously occupied.
  • Single wide manufactured homes.

Call Toll Free to Learn More about reverse mortgages for manufactured homes –  (855) 367-4326

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How much money can be borrowed with a reverse mortgage on a manufactured home?

The maximum loan amount will depend on several factors such as the age of the borrower (or the age of the youngest borrower in the case of co-borrowers,) the value of the property, and the amount of any existing mortgages or liens on the property.

In addition, there is the choice to receive the proceeds of the loan as a lump sum, as a line of credit that can be accessed as needed, in equal monthly payments for as long as the borrower lives in the home, in equal monthly payments for a fixed period of time, or in some combination of these options. Which of these payment types is elected, and in some cases the number of years the borrower remains in the home after taking out the reverse mortgage, will impact the amount borrowed over the life of the loan.

If you are interested in a reverse mortgage on a manufactured home, give us a call at (855) 367-4326.

Related topics:
Can you get a reverse mortgage for a condo?
Can you get a reverse mortgage on a rental property?

Learn more about how people are using home equity conversion mortgages for purchasing homes:

Please keep in mind that the reverse mortgage industry is constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.