Deeded property or Land Lease

I have been working to see HUD’s exact statements on MFG homes and Mobile Homes with reverse mortgages.

Good News : Both long term land leases (99 year leases with at least 50 years left on the lease) and Deeded property are eligible for a reverse mortgage.

This means that you can buy a new home on leased property, buy a new home on property you own, buy a used home on leased property, or buy a used home on deeded property with a reverse mortgage.

If your customers are 62 or over that means that you can sell the home to them for less than half price. There are no FICO score requirements.

The only other issues are that the home is more than 400sq ft and is newer than 1976. Make sure the home has permanent tie downs/ foundation, and has an engineering report. Flood zones are also an issue, but there are work arounds for that issue.

Bob Fisher