Manufactured homes have surged in popularity since 2008, and are a common housing choice for seniors. Yet, there appears to be a lot of confusion over whether these types of properties qualify for reverse mortgage help. So do they in Kingsland Georgia 31548? Or does it demand on the features of your specific home?
These types of homes have experienced a massive resurgence in popularity over the last eight years.
Warren Buffett and Berkshire Hathaway’s ability to survive and thrive through the 2008 crisis is largely credited to manufactured home company Clayton Homes. Billionaire real estate investor Sam Zell has continued to expand his manufactured home community portfolio through Equity Lifestyle Properties, even while shedding billions of dollars in apartments from late 2015 to early 2016. Some Wall St. traders have even ditched their jobs to invest in mobile and manufactured home parks.
Additionally we’ve seen an explosion of vendors offering everything from tiny homes, 100% green and sustainable homes, and upgraded manf. homes for golf and resort communities in popular retirement and vacation areas in Kingsland Georgia 31548.
So more people appear to be choosing manufactured homes again, and many have paid cash for them due to tight lending. The big question is; can they leverage reverse mortgages on these properties when they really need it later in life?
How to Get a Reverse Mortgage on a Manufactured Home
Yes, manufactured home owners can enjoy the benefits of reverse mortgages and lines of credit. But there are restrictions.
The U.S. department of Housing and Urban Development (HUD) states that manufactured homes are eligible for reverse mortgages and Home Equity Conversion Mortgages. However, HUD also states that these loans are subject to FHA loan guidelines.
These guidelines do change over time, but at a minimum homes must:
· Be built after June 15th, 1976
· Be at least 400 square feet
· Be attached to a permanent foundation or chassis
· Be built to Federal Constructions and Safety Standards
· Be placed in its original location brand new from the manufacturer in Kingsland Georgia 31548
· Be located on property you own
5 Quirks to Watch Out for
1. FHA guidelines can change
2. If the property is in a community, the community may also have to be approved
3. Current flood zone requirements could be impacted as the government extends standards to account for 500 year floods (vs. the previous 100 years)
4. Individual lenders can add their own demands on top of HUD and FHA rules
5. HUD requires a foundation inspection to assure the foundation meets FHA guidelines
Owners must also keep in mind that many lenders and brokers will simply instantly dismiss inquiries about loans for manufactured homes. Why? Because many just aren’t used to making these loans and don’t want to bother to learn. Others don’t want to deal with the smaller loan amounts normally associated with this type of property, vs. say luxury condos on the beach or jumbo loans for large homes. They are just not as profitable.
Better technology and building practices in Kingsland Georgia 31548, as well as current economics make manufactured homes very attractive and profitable as a home or investment today. It is possible to obtain a reverse mortgage on these types of properties. Just make sure you are aware of which ones may or may not qualify, and try to stay ahead of changing rules if you are purchasing a manufactured home now. If you don’t find lenders helpful at first, keep shopping around, there are reverse mortgage specialists who do love making these loans, and are very efficient at it.
Surrounding Areas In Georgia
Video: Mortgages in Kingsland GA
Important Message. You are now leaving United 1st Federal Credit Union's website. You are linking to an alternate website that is not operated by the credit union.
79 Homes for sale in Doraville, GA. Browse through 79 Doraville real estate MLS listings.
Welcome to an Engaged Community There's a better way to personalize your website experience. With myConnection, the profile you create allows you to set up a unique ...
Synovus is a group of 28 local community banks operating as one. We are – and always have been – a place where business is personal.
Zillow has 448 homes for sale in Saint Marys GA. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
New User? Get started here! CU Online is a secure remote account access service provided to our members worldwide through the internet. CU Online is free, and it's an ...
Search a map of all Georgia cities with a complete list of all cities and towns with Livability Scores.
Homes.com has 118 properties for sale in Sea Island, Georgia. Search real estate, houses for sale and MLS listings in Sea Island, GA. Research properties, Sea Island ...
Buying a foreclosure can be an incredible opportunity, and there is an abundance of foreclosed homes for sale in the state of Georgia. The foreclosures range from ...
Click Here for Standard Fixed Rates. Click Here for NO-COSTFixed Rates for Your Specific Loan Amount. Click Here to Apply Online Right Now! Have a question or a rate ...