Obtaining a Reverse Mortgage on a Manufactured Home

Ruth, 78, had been thinking for a while about getting a reverse mortgage on her home. However, she thought that since she lived in a manufactured home, she would not qualify for a federally insured reverse mortgage. After talking with her reverse mortgage specialist, she discovered that, because her manufactured home was on a permanent foundation, she did qualify! She had always wanted be free from the expense of her mortgage payment so that she would have the flexibility to travel and see her family. Her home was worth $250,000 and she had a mortgage worth $26,000 still on the property. After talking to her reverse mortgage specialist, she found out that she could receive:

Lump Sum	$149,965
Line of Credit	$120,390
Monthly Advance	$959

After learning about her options, Ruth decided to take the money in a line of credit. This way, she would have money to see her family and never have to make a monthly mortgage payment again!