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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 in order to qualify for FHA/HUD insurance.  In addition to HUD requirements, lenders often have their own requirements as well. 

The only way to know for sure whether your specific 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. 

Many times, a lender can make the recent sales determination from online sources, but it may require an appraisal to be sure.  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 home has been in another site prior to 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 cannot be ascertained without inspections from engineers and appraisers.  But if you get past the first hurdles, at least you know you would not be spending your money on the appraisal and other inspections needlessly by taking your time and checking into the obvious issues first.


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