Can I get a reverse mortgage on a mobile home? The answer is yes! However, there are some basic qualification requirements that your mobile or manufactured home must meet.
If you’re the owner of a manufactured or mobile home, you’ve probably already noticed how difficult it can be to get a mortgage. You may be pleasantly surprised to learn that, yes, you can get a reverse mortgage on a mobile or manufactured home as long as it meets certain requirements.
There are a few different reverse mortgage products out there, but the most common is the home equity conversion mortgage, or HECM. The requirements we cover here are relevant to the HECM. Other reverse mortgage products may disallow mobile and manufactured homes or have different eligibility requirements.
If you’d like more information about how the HECM works, check out our article here.
Can I get a reverse mortgage on a mobile home?
The HECM is an FHA-insured mortgage product, so your mobile/manufactured home must meet the FHA guidelines for mobile and manufactured homes:
- It must have been constructed after June 15, 1976. This is when the Manufactured Home Construction and Safety Standards went into effect.
- It must be installed at the original site of installation. If your mobile home has been moved since its original installation, it is not eligible.
- It must be on a permanent foundation.
- It must be classified and taxed as real estate.
- There must be permanent skirting around the home.
- Any additions must meet HUD and county requirements.
- If must have the HUD tags or data plates.
- It must be at least a doublewide.
Other requirements may apply, but these are the most important ones. If your mobile or manufactured home meets the above criteria, it’s likely it will qualify.