Reverse Mortgage

Manufactured Home Reverse Mortgage in Bend OR

May 10, 2018 /

Is It Possible To Aquire A Reverse Mortgage on a Manufactured Home in Bend Oregon?

The quick response 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 Bend.

Reverse Mortgage FHA Guidelines For Manufactured Homes In Bend OR

1. Your home in CITY must have been built on or after June 15th of 1976. Houses made prior to June 15, 1976, despite having improvements, do not meet the HUD specifications and cannot be accepted as compliant with the HUD Code. FHA doesn’t insure mortgages on manufactured homes produced before June 15, 1976. The majority of other mortgage insurance carriers follow FHA’s policy.

2. You will need to have the home inspected by a structural engineer. The expense for the inspection will run somewhere between $300 to $750 or higher. The objective of the inspection will be to make sure the home has been installed to FHA guidelines, any additions like decks, porches will not change the structural stability and also to determine if tie downs are needed.

3. In most cases tie downs are required. Tie downs are steel cables which are connected to the home and concrete runners under the home. Installing the components costs of tie downs may range from $1000 to $2000 or more.

4. An IBTS report may be needed. All manufactured homes produced after June 15, 1976 will have to have one or more label(s) mounted on them: a manufactured home HUD label(s) along with a Data Plate/Compliance Certificate. If your home does not have this information or the labels or certificate is illegible an IBTS report is going to be necessary. This report could be several hundred dollars.

5. Nearly all lenders will need the house to be at least a double wide. Generally banks will not mortgage single wide manufactured homes.

6. You must own the lot your manufactured home is on. In other words if you’re leasing the land, as an example in a mobile home park, you won’t be qualified for a reverse mortgage. When your home is in a PUD (planned unit development) in which you own the lot, it’s possible to qualify.

7. If your home is on extremely substantial acreage you may not be eligible for a reverse mortgage. It is best to talk with a reverse mortgage expert in Bend to find out the answer to this condition.

This means that, obtaining a reverse mortgage on your manufactured home in Bend might cost hundreds to several thousand dollars more compared to non-manufactured homes.

Other than the points cited above, the procedure, costs and the amount of money you can receive is the same as if it wasn’t a manufactured home.

Some other Questions About Mobile Homes and Reverse Mortgages in Bend Oregon

What is a manufactured home?

A manufactured home (formerly known as a mobile home) is made to the Manufactured Home Construction and Safety Standards (HUD Code) and includes a red certification label on the exterior of each transportable section. Manufactured homes are made in the managed environment of a manufacturing plant and are moved in one or more sections with a permanent chassis.

Is there a distinction between manufactured and modular homes?

Manufactured homes are produced in accordance with a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, unlike conventional construction codes, requires manufactured homes to be constructed on a permanent chassis. Modular homes are made to the same state, local or regional building requirements as site-built homes. Other kinds of systems-built homes incorporate panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.

My home was made before June 15, 1976. I have made some modifications to my house and believe it complies with the HUD Standards. Can a person come examine my house to be certain it is in compliance with all the Standards?

HUD doesn’t check homes. Homes produced prior to June 15, 1976, regardless of alterations, won’t satisfy the HUD standards and cannot be authorized as compliant with the HUD Code. As the homeowner, you may find a licensed engineer equipped to inspect your home for compliance with your state’s housing code. FHA doesn’t insure mortgages on manufactured homes constructed prior to June 15, 1976. The majority of other mortgage insurance companies adhere to FHA’s policy.

Will HUD issue certification labels (HUD tags) if my home was built prior to 1976?

No. The Department won’t issue tags for any manufactured (mobile) home manufactured before the enforcement of the Manufactured Home Construction and Safety Standards, effective June 15, 1976.

I own a park model manufactured home and have done improvements to my manufactured home. I was informed I need to get a HUD label. How do I obtain one?

No matter what improvements made to your park model, it isn’t possible to obtain a HUD label on any kind of structure that hasn’t been built and inspected as a manufactured home as stated by HUD’s Manufactured Home Construction and Safety Standards and Regulations during its original construction. You could get in touch with the Recreational Park Trailer Industry Association http://www.rvia.org/?ESID=PMRV for additional information and resources pertaining to park model homes.