![]() ![]() The home must be classified and taxed as "real estate" and cannot have been installed or occupied previously at any other site or location. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest finished exterior grade adjacent to the perimeter enclosure shall be at or above the 100-year return frequency flood elevation. If your home was constructed after June 15, 1976, it will have this seal. The home must have a seal that shows it has been constructed in conformance with Federal Manufactured Home Construction and Safety Standards. The structure must be built and remain on a permanent chassis, and it must be connected to the foundation through welds, bolts, and various light-gage metal plates. The home's floor area must be no less than 400 square feet (in 2010, the average size was 1,515 square feet). Reverse Mortgage Manufactured Home Requirements In 2009, manufactured units in condominium projects became eligible for FHA-insured reverse mortgages as long as they (as with all other manufactured homes) meet HUD guidelines. ![]() (Homes from before this date will not qualify for FHA-insured loans) ![]() Why is this particular date so important? It was when the Department of Housing and Urban Development (HUD) started regulating the construction of manufactured homes under established guidelines. Now for the longer answer.Īs with any prospective borrower, you must be 62 or older, legally own the home, be your primary residence, and be eligible for participation in Federal Housing Administration programs.Īnd if you have a manufactured home, yes, you can get a reverse mortgage-as long as it was built after June 15, 1976. If you're the owner of a manufactured home and you're wondering about your eligibility for a reverse mortgage, here's the short answer: you may be eligible. From All Reverse Mortgage Company(September 6th 2022 Reverse Mortgage Manufactured Home Requirements (2024) ![]()
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