Here is a great solution for Seniors who own manufactured/mobile homes and are having financial difficulty, looking for way to combat the increasing cost of living, or for those who would just like to have some additional resources to enjoy retirement, the Reverse Mortgage is a product that could be an advantage.
A Reverse Mortgage is a loan that is guaranteed by the FHA for manufactured homes, but is different from a standard equity line in that:
- The age of the youngest borrower must be at least 62 or above.
- There is never a monthly payment as long as you live in the home. The loan is repaid from the proceeds of the sale of the manufactured or mobile home, or through other means, but only when the home is no longer the primary residence of the homeowner. Heirs or beneficiaries are never responsible for the loan.
- There are no income, medical, or credit requirements.
No Initial Credit Check
Expected time to complete 3 minutes