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Reverse Mortgage And The Allowed Properties
Friday, August 10, 2012
Sometimes people think that any kind of property will be eligible for a reverse mortgage San Diego or any other areas. Generally speaking, if you reside in the property as your primary residence, you have adequate value, and you are at least age 62, you are eligible for a reverse mortgage. The properties can include single family homes, 2-4 unit houses, condo properties, townhomes, as well as manufactured residences.
You can have some other residences as leases or vacation homes, but you cannot do a reverse mortgage on those, just on your own primary dwelling. Other items are not so easy to repair. There has to be a heat source that is a long lasting portion of the property, not a mobile heating unit. When the home was designed prior to 1978 there can be no exterior cracking or peeling paint. There can be no dripping or indication of water damage, without any cracked house windows.
If an appraiser finds any of these items out of conformity, the whole loan process comes to a halt, and will not restart until the appraiser returns to the house (to get another charge) and takes pictures of the items which were repaired. A constructed home may be approved, but should have been built right after June 15, 1976, and should be on a permanent basis. If it had been built as a camper, the initial tags must be into position, and it has to be currently taxed just as real property. You cannot have two manufactured homes on the same residence, unless one is not on a permanent groundwork.
Even though it is technically easy to do a reverse mortgage San Diego on a constructed home in a leased area in a camper park, HUD requires a master lease of at least 99 years, or with the end date at the very least to the 150th birthday of the youngest borrower, and this have to be a typical lease for the spot. Therefore for all sensible purposes doing a reverse mortgage for a manufactured home in a standard mobile home park is not doable in most areas.
In the past, mortgage approvals were done for individual units, not for overall plans. That is why some occupants might say they know a friend who did a reverse mortgage; right now ponder why they can't do one. Perhaps the neighbor's approval was from the time when only individual units were accepted, or possibly they got in just underneath the wire for termination of a prior approval.
You can have some other residences as leases or vacation homes, but you cannot do a reverse mortgage on those, just on your own primary dwelling. Other items are not so easy to repair. There has to be a heat source that is a long lasting portion of the property, not a mobile heating unit. When the home was designed prior to 1978 there can be no exterior cracking or peeling paint. There can be no dripping or indication of water damage, without any cracked house windows.
If an appraiser finds any of these items out of conformity, the whole loan process comes to a halt, and will not restart until the appraiser returns to the house (to get another charge) and takes pictures of the items which were repaired. A constructed home may be approved, but should have been built right after June 15, 1976, and should be on a permanent basis. If it had been built as a camper, the initial tags must be into position, and it has to be currently taxed just as real property. You cannot have two manufactured homes on the same residence, unless one is not on a permanent groundwork.
Even though it is technically easy to do a reverse mortgage San Diego on a constructed home in a leased area in a camper park, HUD requires a master lease of at least 99 years, or with the end date at the very least to the 150th birthday of the youngest borrower, and this have to be a typical lease for the spot. Therefore for all sensible purposes doing a reverse mortgage for a manufactured home in a standard mobile home park is not doable in most areas.
In the past, mortgage approvals were done for individual units, not for overall plans. That is why some occupants might say they know a friend who did a reverse mortgage; right now ponder why they can't do one. Perhaps the neighbor's approval was from the time when only individual units were accepted, or possibly they got in just underneath the wire for termination of a prior approval.
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Want to find out more about Reverse Mortgage, then visit Reverse Mortgage Educator's site on how to choose the best Reverse Mortgage for your needs.
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