Reverse Mortgages for Manufactured Homes in Salem Oregon

Is It Possible To Take A Reverse Mortgage on a Manufactured Home in Salem OR?

The fast answer is yes. Even though the short answer is yes, there is much more to getting a reverse mortgage in Salem on a manufactured home.

Reverse Mortgage FHA Guidelines For Manufactured Homes In Salem Oregon

1. The house in Salem must have been manufactured on or after June 15th of 1976. Homes made before June 15, 1976, despite having modifications, fail to fulfill the HUD requirements and will not be accepted as certified with the HUD Code. FHA doesn’t insure mortgages on manufactured homes made prior to June 15, 1976. The majority of mortgage insurance carriers follow FHA’s policy.

2. You need to get the house inspected by a structural engineer. The expense for that inspection will run anywhere between $300 to $750 or more. The purpose of the inspection is to make sure the manufactured home was set up to FHA guidelines, all extras i.e. decks, patios will not affect the structural stability as well as determine if tie downs are required.

3. Most often tie downs will be required. Tie downs are steel cables that are connected to the home and concrete runners underneath the home. Installing the components costs of tie downs may range from $1000 to $2000 or higher.

4. An IBTS report may be needed. All manufactured homes produced after June 15, 1976 must have one or more label(s) installed on them: a manufactured home HUD label(s) in addition to a Data Plate/Compliance Certificate. If the home doesn’t have these things or the labels or certificate is illegible an IBTS report would be needed. This report can be several hundred dollars.

5. Most lenders will require your home to be at least a double wide. In most cases banking institutions will not mortgage single wide manufactured homes.

6. You must own the property your manufactured home is on. Put simply if you’re leasing the land, as an example in a mobile home park, you will not be qualified for a reverse mortgage. If your manufactured home is within a PUD (planned unit development) in which you own the lot, it’s possible to qualify.

7. If your house is on excessively significant acreage you may not be eligible for a reverse mortgage. It’s best to talk with a reverse mortgage professional in Salem to find out the answer to this matter.

In other words, obtaining a reverse mortgage on your manufactured home in Salem could cost hundreds to several thousand dollars more compared with non-manufactured homes.

Apart from those items cited above, the process, expenses and the amount of money you are able to borrow is the same as if it wasn’t a manufactured home.

Other Questions On Manufactured Homes and Reverse Mortgages in Salem OR

What exactly is manufactured home?

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

Just what is the distinction between manufactured and modular homes?

Manufactured homes are produced according to a code administered by the U.S. Department of Housing and Urban Development (HUD Code). The HUD Code, compared with conventional construction codes, mandates manufactured homes to be produced using a permanent chassis. Modular homes are built to the very same Oregon, local or regional building requirements as site-built homes. Other kinds of systems-built homes include panelized wall systems, log homes, structural insulated panels, and insulating concrete forms.

My house was made before June 15, 1976. I have made some modifications to my home and think it satisfies the HUD Standards. Can someone come check my manufactured home to be certain it is in compliance with all the Standards?

HUD does not inspect homes. Homes produced before June 15, 1976, despite having alterations, fail to fulfill the HUD standards and will not be accepted as certified with the HUD Code. As the homeowner, you could find a licensed engineer willing to inspect your home for conformity with your Oregon’s housing code. FHA won’t insure mortgages on manufactured homes constructed prior to June 15, 1976. Most other mortgage insurance carriers follow FHA’s policy.

Will HUD issue certification labels (HUD tags) if my manufactured home was produced before 1976?

No. The Department is not going to issue tags for a manufactured (mobile) home manufactured before the enforcement of the Manufactured Home Construction and Safety Standards, effective June 15, 1976.

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

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