Comments on: Reverse Mortgage Guidelines For Manufactured Homes http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/ Reverse Mortgage News and Information Fri, 25 May 2012 03:24:22 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: rmld http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/comment-page-1/#comment-50455 rmld Fri, 20 Jan 2012 04:17:00 +0000 http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/#comment-50455 getting a quote has been nearly impossible until now - we have identified a nationwide lender who is ready to do your mobile home HECM loan. http://www.reversemortgagelendersdirect.com/manufactured-homes-reverse-mortgage/ getting a quote has been nearly impossible until now – we have identified a nationwide lender who is ready to do your mobile home HECM loan.

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]]> By: Ken http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/comment-page-1/#comment-49854 Ken Mon, 07 Nov 2011 23:53:00 +0000 http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/#comment-49854 My home is in northwestern SC on a one acre lot in a mobile home sub-division. When I bought it, there were no improvements other than a 50'X28' doublewide unit. Since I have been here, I have added a 10X41 foot addition, a 20X40 foot workshop, a 24X20 Attached two car garage, a 40X41 foot three door barn, 19X12 foot covered front porch, a 10X10 foot rear covered porch,had a brick underpinning installed, both baths have been upgraded by Bathfitters including a walk-in tub with whirlpool jets and mood lighting and the other bath all new toilet, sink and walk-in shower, the carpet was removed and replaced with oak hardwood flooring (1 inch), stainless steel refrigerator -dishwasher - washer - dryer - sink and range, 50 gallon water heater with with continuous cycled hot water, a 4X28 foot side deck for a green house,and landscape improvements to numerous to mention. These improvements were somewhere in the area of $200,000 +. My understanding is that my home is not worth the $31,000 that I owe on it. Can this possibly be true? Can I get a reverse mortgage or refi for an additional 35K? My home is in northwestern SC on a one acre lot in a mobile home sub-division. When I bought it, there were no improvements other than a 50′X28′ doublewide unit. Since I have been here, I have added a 10X41 foot addition, a 20X40 foot workshop, a 24X20 Attached two car garage, a 40X41 foot three door barn, 19X12 foot covered front porch, a 10X10 foot rear covered porch,had a brick underpinning installed, both baths have been upgraded by Bathfitters including a walk-in tub with whirlpool jets and mood lighting and the other bath all new toilet, sink and walk-in shower, the carpet was removed and replaced with oak hardwood flooring (1 inch), stainless steel refrigerator -dishwasher – washer – dryer – sink and range, 50 gallon water heater with with continuous cycled hot water, a 4X28 foot side deck for a green house,and landscape improvements to numerous to mention. These improvements were somewhere in the area of $200,000 +. My understanding is that my home is not worth the $31,000 that I owe on it. Can this possibly be true? Can I get a reverse mortgage or refi for an additional 35K?

]]> By: Anonymous http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/comment-page-1/#comment-38214 Anonymous Tue, 29 Dec 2009 00:23:00 +0000 http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/#comment-38214 i want to know why is it that if the home has been moved from one lot to another not a dearlers lot it wont qualifiy . what is the reason for this rule ? bobby i want to know why is it that if the home has been moved from one lot to another not a dearlers lot it wont qualifiy . what is the reason for this rule ? bobby

]]> By: Anonymous http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/comment-page-1/#comment-38215 Anonymous Tue, 29 Dec 2009 00:16:00 +0000 http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/#comment-38215 i would like to know WHY is this a rule . i had my home and 9 ac apprised at 155,000.00. i did all the things this mortgage company told me to do . i had to get a perment fondation put under it and get it approved ......a apprisal.... surveyed now they say because it was moved from another lot not the dearler it will not qualtify for a reverce mortgage . its worth what its worth . WHY ? i would like to know WHY is this a rule . i had my home and 9 ac apprised at 155,000.00. i did all the things this mortgage company told me to do . i had to get a perment fondation put under it and get it approved ……a apprisal…. surveyed now they say because it was moved from another lot not the dearler it will not qualtify for a reverce mortgage . its worth what its worth . WHY ?

]]> By: texasrancher http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/comment-page-1/#comment-35345 texasrancher Mon, 28 Dec 2009 22:23:46 +0000 http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/#comment-35345 i want to know why is it that if the home has been moved from one lot to another not a dearlers lot it wont qualifiy . what is the reason for this rule ? bobby i want to know why is it that if the home has been moved from one lot to another not a dearlers lot it wont qualifiy . what is the reason for this rule ? bobby

]]> By: texasrancher http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/comment-page-1/#comment-35344 texasrancher Mon, 28 Dec 2009 22:16:21 +0000 http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/#comment-35344 i would like to know WHY is this a rule . i had my home and 9 ac apprised at 155,000.00. i did all the things this mortgage company told me to do . i had to get a perment fondation put under it and get it approved ......a apprisal.... surveyed now they say because it was moved from another lot not the dearler it will not qualtify for a reverce mortgage . its worth what its worth . WHY ? i would like to know WHY is this a rule . i had my home and 9 ac apprised at 155,000.00. i did all the things this mortgage company told me to do . i had to get a perment fondation put under it and get it approved ……a apprisal…. surveyed now they say because it was moved from another lot not the dearler it will not qualtify for a reverce mortgage . its worth what its worth . WHY ?

]]> By: sharoncarpenter http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/comment-page-1/#comment-33581 sharoncarpenter Thu, 20 Aug 2009 03:13:50 +0000 http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/#comment-33581 This is from the FHA min standards website.<br><br>"The only movement acceptable for manufactured<br>homes is from the factory to the dealer and then to the site. Once there, it<br>must remain. It may be jacked up to have a permanent foundation installed" This is from the FHA min standards website.

“The only movement acceptable for manufactured
homes is from the factory to the dealer and then to the site. Once there, it
must remain. It may be jacked up to have a permanent foundation installed”

]]> By: sharoncarpenter http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/comment-page-1/#comment-33580 sharoncarpenter Thu, 20 Aug 2009 02:56:07 +0000 http://reversemortgagedaily.com/2008/12/18/reverse-mortgage-guidelines-for-manufactured-homes/#comment-33580 Gary & Mrs., I have had the exact same experience with a twice moved, after original to dealer moved doublewide. It was 6 months old, place on cement runners with tiedowns, wood with vinyl underskirt in 1997, has a civil engineers report in 2008( 2 engineers said it was beyond requirements in 1997 and is now) but am still unable to aquire the FHA insurance, therefore no reverse mortgage, because of the so called second move. If the home is sound enough for an engineers report after being reset then it should qualify. Who is making up these rules? I believe its someone who never had to live in a manufactured home because they have always had the finances to built a site built home.<br>My home is also 2X6 walls and brocade stucco walls thruout, so it is very heavy and sturdy, while most site built homes are 2X4 walls,sheetrock and paint.<br>Yes I to am very hot about the problem and in need of some financial help at this time.<br>Warning to those who are trying to get the Reverse Mortgage, Read or have someone read every word of the loan companies requirements. I had two mortgage companies tell me that "they" could get the loan thru even though I told them about the second move problem. After I received their documents,I read that they had 6 months or more to get the FHA insurance approved on your loan. If I had taken the money at closing, paid off the first mortgage and spent none of the other and they said "Opps" we couldn't get FHA to issue the insurance, the note would be called due and if I couldn't qualify for a new loan(which I couldn't) they could take my home for the amount of the payoff, which was $20,000 and the appraisal is for $120,000. Gary & Mrs., I have had the exact same experience with a twice moved, after original to dealer moved doublewide. It was 6 months old, place on cement runners with tiedowns, wood with vinyl underskirt in 1997, has a civil engineers report in 2008( 2 engineers said it was beyond requirements in 1997 and is now) but am still unable to aquire the FHA insurance, therefore no reverse mortgage, because of the so called second move. If the home is sound enough for an engineers report after being reset then it should qualify. Who is making up these rules? I believe its someone who never had to live in a manufactured home because they have always had the finances to built a site built home.
My home is also 2X6 walls and brocade stucco walls thruout, so it is very heavy and sturdy, while most site built homes are 2X4 walls,sheetrock and paint.
Yes I to am very hot about the problem and in need of some financial help at this time.
Warning to those who are trying to get the Reverse Mortgage, Read or have someone read every word of the loan companies requirements. I had two mortgage companies tell me that “they” could get the loan thru even though I told them about the second move problem. After I received their documents,I read that they had 6 months or more to get the FHA insurance approved on your loan. If I had taken the money at closing, paid off the first mortgage and spent none of the other and they said “Opps” we couldn't get FHA to issue the insurance, the note would be called due and if I couldn't qualify for a new loan(which I couldn't) they could take my home for the amount of the payoff, which was $20,000 and the appraisal is for $120,000.

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