Can you get a reverse mortgage on a manufactured home? Absolutely! However, there are some basic qualification requirements that your manufactured home must meet. We’ll cover what those are in this article.
If you’re the owner of a manufactured home, you’ve probably already noticed that it can be hard to get mortgage financing. Mortgage lending for manufactured homes is a specialized market that not all lenders participate in. Those that do often have tough underwriting requirements that can make it difficult to qualify.
Fortunately, reverse mortgages are available to many owners of manufactured homes. There are a few different reverse mortgages available, but the most common one is the FHA-insured home equity conversion mortgage, or HECM.
The information we’ll cover here will be relevant to the HECM. Other reverse mortgage products may have different eligibility requirements.
If you’d like more information about how a HECM works, check out our article here.
Basic manufactured home requirements
The HECM is an FHA-insured mortgage product, so your manufactured home must meet the FHA requirements. According to the guidelines, your home:
- Must have been constructed after June 15, 1976. This is when the Manufactured Home Construction and Safety Standards went into effect.
- Must be installed at the original site of installation. Your manufactured home is not eligible if it’s no longer in it’s original location.
- Must be on a permanent foundation that meets HUD requirements.
- Must be classified and taxed as real estate.
- Must have permanent skirting around the home.
- Must have the HUD tags or data plates.
- Must be at least a doublewide.
If you’ve made any additions, they must meet HUD and county requirements. Other requirements may apply, but these are the most important ones. If your manufactured home meets the above criteria, it’s likely it will qualify.
Can you get a reverse mortgage on a manufactured home?
So, can you get a reverse mortgage on a manufactured home? Absolutely! As long as it meets the criteria above, you should be able to find a mortgage lender willing to work with you.
Again, not all lenders lend on manufactured homes. You may need to do some digging to find somebody who is willing to work with you.