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Does our mobile home and land qualify for a reverse mortgage?

By Sharon on 11.10.2018

Hi Sharon,

HUD will insure reverse mortgage loans on manufactured homes, provided they meet the eligibility requirements.  I can tell you that there are several specific requirements that a manufactured home must meet to qualify for FHA/HUD insurance.  In addition to HUD requirements, lenders often have their own needs. 

The only way to know whether your property will be eligible would be to contact a lender and let them review the property with you and look at the sales in the area.  In addition to the specific property requirements, there must be adequate recent sales in the area of similar manufactured home properties, or HUD feels that the marketability and value of the home cannot be established, and the property would not be acceptable. 

Often, a lender can make the recent sales determination from online sources, but it may require an appraisal.  You can tell from a phone call whether your home will meet HUD’s property guidelines such as date of manufacture, type of foundation, whether the house has been in another site before its existing location, size, and type of home, the title must be real property and not personal, must have the HUD tags, etc. 

However, some things can only be ascertained with inspections from engineers and appraisers.  But if you get past the first hurdles, at least you know you will not be spending your money on the appraisal and other inspections needlessly by taking your time and checking the apparent issues first.