Can You Get A Reverse Mortgage on a Manufactured Home in Coos Bay OR?
The quick answer is yes. However, there is more to this answer that you need to be aware of to make sure you understand what getting a reverse mortgage on a manufactured home in Coos Bay.
Reverse Mortgage FHA Requirements For Manufactured Homes In Coos Bay Oregon
1. Your home in Coos Bay must have been built on or after June 15th of 1976. Homes built prior to June 15, 1976, even with modifications, do not meet the HUD standards and cannot be accepted as compliant with the HUD Code. FHA does not insure mortgages on manufactured homes built prior to June 15, 1976. Most other mortgage insurance firms follow FHA’s policy.
2. You will need to have the home inspected by a structural engineer. The cost for the inspection can run anywhere between $300 to $750 or more. The purpose of the inspection is to ensure the home was installed to FHA requirements, any additions i.e. decks, porches do not affect the structural integrity and to determine if tie downs are required.
3. In most cases tie downs are required. Tie downs are steel cables that are attached to the home and concrete runners under the home. Installation costs of tie downs can range from $1000 to $2000 or more.
4. An IBTS report may be required. All manufactured homes built after June 15, 1976 are required to have one or more label(s) attached to them: a manufactured home HUD label(s) and a Data Plate/Compliance Certificate. If your home does not have these things or the labels or certificate is illegible an IBTS report will be required. This report can be several hundred dollars.
5. Most lender will require the home to be at least a double wide. In most cases lenders will not lend on single wide manufactured homes.
6. You must own the land your manufactured home is on. In other words if you are leasing the land, for example in a manufactured home part, you will not be eligible for a reverse mortgage. If your home is in a PUD (planned unit development) where you own the lot, you will be able to qualify.
7. If your home is on excessively large acreage you might not qualify for a reverse mortgage. It is best to speak with a reverse mortgage expert in Coos Bay to find out the answer to this issue.
In other words, getting a reverse mortgage for your manufactured home in Coos Bay could cost several hundred to several thousand dollars more than non-manufactured home.
Other than the things mentioned above, the process, fees and and amount you can borrow is the same as if it were not a manufactured home.
Other Questions About Manufactured Homes and Reverse Mortgages in Coos Bay OR
What is a manufactured home?
A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards (HUD Code) and displays a red certification label on the exterior of each transportable section. Manufactured homes are built in the controlled environment of a manufacturing plant and are transported in one or more sections on a permanent chassis.
What is the difference between manufactured and modular homes?
Manufactured homes are constructed according to a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, unlike conventional building codes, requires manufactured homes to be constructed on a permanent chassis. Modular homes are constructed to the same state, local or regional building codes as site-built homes. Other types of systems-built homes include panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.
My home was built before June 15, 1976. I’ve made some modifications to my home and believe it meets the HUD Standards. Can someone come inspect my home to make sure it’s in compliance with the Standards?
HUD does not inspect homes. Homes built prior to June 15, 1976, even with modifications, do not meet the HUD standards and cannot be accepted as compliant with the HUD Code. As the homeowner, you may find a licensed engineer willing to inspect your home for compliance with your state’s housing code. FHA does not insure mortgages on manufactured homes built prior to June 15, 1976. Most other mortgage insurance firms follow FHA’s policy.
Will HUD issue certification labels (HUD tags) if my home was built before 1976?
No. The Department will not issue tags for a manufactured (mobile) home constructed prior to the enforcement of the Manufactured Home Construction and Safety Standards, effective June 15, 1976.
I have a park model home and have made upgrades to my home. I was told I need a HUD label. How do I get one?
Regardless of the upgrades made to your park model, it is not possible to obtain a HUD label on any structure that was not produced and inspected as a manufactured home in accordance with HUD’s Manufactured Home Construction and Safety Standards and Regulations during its original construction. You may contact the Recreational Park Trailer Industry Association http://www.rvia.org/?ESID=PMRV for additional information and resources regarding park model homes.Manufactured Home Lenders