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 Augusta New Jersey 07822? 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 Augusta New Jersey 07822.
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 Augusta New Jersey 07822
· 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 Augusta New Jersey 07822, 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 New Jersey
Video: Mortgages in Augusta NJ
View photos of this , 3445 sqft single family home located at 11 High Ridge Ln, Augusta, NJ 07822 that sold on 2/9/12 for $617,263
Zillow has 47 photos of this $439900 3 bed, 3.0 bath, 2076 sqft single family home located at 91 Augusta St built in 1995. MLS # 21720166.
Get ideas on things to do in New Jersey and learn about NJ entertainment, activities, day trips, weekend events and getaways at NJ.com
Visions Federal Credit Union Mortgages - We offer the best mortgage rates and products to meet your financial needs.
Get the latest news from Sussex County from The Star-Ledger, find Sussex County real estate listings and talk about local news on NJ.com.
mobile banking More time to enjoy the little things in life. Learn more
According to our research of Maine and other state lists there were 10 registered sex offenders living in Augusta, Maine as of July 13, 2017. The ratio of number of ...
MoneyGeek.com helps you make financial decisions. Learn about types of credit cards, compare home loans, find info about the best car insurance coverage, and more.
Kenilworth Branch – K-15 2000 Galloping Hill Road Kenilworth NJ 07033 (908) 740-2274 Hours: Monday, Tuesday, Thursday and Friday – 8:30 AM – 1:00 PM