Modular Home Floor Plan for Senior Citizens

Posted by Legendary Homes on July 20, 2014 in Modular Homes with No Comments Yet

Many senior citizens are opting to build a modular home that years before they retire, they are looking for manufacturers, floor plans and locations. Their willingness to shred time for researching on the modular home floor plan pays off when high quality home and energy efficient is produced.

A floor plan of a modular home for senior citizens is usually attached to the left side of another modular home. This has been the practice since many families are not choosing nursing homes as their elderlies’ home. The layout of the modular home is suitable to accommodate the needs of an elderly who needs a level floor, wide hallway and doorways, and accessible bathroom. Moreover the typical location of the bedroom is located at the center of the modular home floor plan to give the seniors a wide ocular view of his surroundings.

Nowadays, many manufacturers are integrating the Universal Design to the floor plan. This design is promoted and utilized to prevent unwanted circumstances to happen. With the Universal Design, seniors are able to do daily tasks comfortably because the modular home they are living in are more manageable and has accessible utilities. Items like handrails to prevent falling, easier to manage locks, handles and latches all make life easier for elderly or mobility-impaired residents in an assisted living environment.

Moreover, a wheelchair ramp is also added in the options provided by manufacturers. This ramp provide an easy access to the entry and exit points of the house without worrying on lifting the senior’s arthritic pain.

As a tool for understanding the floor plan for senior citizens, here are some of the examples proposed by seasoned general contractors and the Federal Housing Administration (FHA).

Plan for Kitchen and Bath of a Modular Home for Seniors

Bath Plan of Modular Home for Seniors

Kitchen Plan of Modular Home for Seniors

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home

Modular Home Customization: Making A Room For Senior Citizens

Posted by Legendary Homes on July 20, 2014 in Modular Homes with No Comments Yet

Do you know that there are select modular home manufacturers that produced small dwellings for senior citizens? This type of abode is also called modular home but are attach to another home, usually their children’s home; or situated in the backyard of another house. The layout and floor plan of this modular home is designed specifically for seniors with the idea that the senior can maintain some independence while still being close to family.

Modular Home in Michigan

With modular construction, making a room or a new dwelling place for senior citizens is now possible. It is an effective method to build an addition. You get the quality and price advantage that modern modular homes are known for along with faster build time. Speed is particularly beneficial when building modular home additions, since the construction will temporarily disrupt your family’s life, especially if you remain in your home while the work is being done.

Types of Modular Home Room for Elderlies

Modular home additions come in two types. The most popular type is attached to the side of a home to create either a separate living unit, such as an in-law apartment, or additional rooms. Some customers build an in-law apartment at the same time that they build a new modular home. The second type of modular addition is set on top of a one-story home to make it into a two-story. But when it comes to senior citizens, attaching the room to either side is most recommended and sought after.

Advantages of Modular Home Room Addition for Elderlies

An advantage to using a modular home for an addition is that it can be disassembled into a few intact sections that can be easily relocated. This is seldom a viable option for an addition to the stick- built home. This should take considerably less time and cost considerably less money than the assembly. The general contractor would likely need to disconnect the plumbing, electrical, and heating systems; remove the siding on the gable ends; and separate the modules at the connecting wall, inside and outside. Some often work on lowering the roof of the modules and lift the modular home’s foundation with a crane.

When building a modular home, it is recommended that you hire a general contractor with years experience and excellent reputation . In some respects, this advice is even more important when building custom modular home for senior citizens.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home

Achieving the Universal Design in a Modular Home for Senior Citizens

Posted by Legendary Homes on July 19, 2014 in Modular Homes with No Comments Yet

Modular home is manufactured under controlled conditions in a factory. It can come in many shapes and sizes. Every modular home is designed to accommodate the needs of its occupants.

A modular home is comprise of several modules that house areas of the house. Each module may or may not be complete housing units. The modules can be customized to make room for a wide variety of designs, including the design for senior citizens.

Universal Design in Modular Home for Seniors

Today, many general contractors are embracing the Universal Design to give the utmost service to their senior citizens or aging clients. Though broader in concept, Universal Design is a growing its reputation in modular construction. At some point this design is misinterpreted as a way to describe a handicapped- accessible home by some clients. Universal Design is actually intended to create houses that are usable by all people, regardless of their age, disability and health.

Modular homes can readily accommodate the principles of Universal Design. We can modify most standard plans to enlarge the doorways, hallways, and bathrooms. Universal access may require us to change the shape and size of some rooms, but this usually will not present problems if the floor plan is large enough, and it is unlikely to cost much.

In addition to changes in the floor plan, universal home design incorporates user-friendly items like lever door handles and faucets. If you want to build a home that is usable by all of your family and friends, consider including some of the following Universal Design products and options in your home.

One of the benefit of incorporating the Universal Design in the modular home construction is that it becomes easier to roam around the home when pushing a wheelchair or a child’s stroller. The design promotes wider hallways, larger doors, and stepless home that could give a safer and comfortable living to the modular home’s residents.

Universal Design meets the needs of the occupants today and into the future. When anyone in the family age, the modular home is still providing him easy access to the bathroom, kitchen and outdoors without worrying about the space he would eat when he’s on a wheelchair. With Universal Design, you don’t need to shell out huge amount for expensive renovations later on or alter your lifestyle in the future.

Building a modular home with universal accessibility standards makes an aging parent move as independent as possible. The Universal Design allows seniors to enter the modular home without climbing the steps and access to full bathroom that is adjacent to his bedroom in the first floor. Seniors in wheelchair or with a walker will be able to gain access to entry and exit points without the difficulty of lifting their painful extremities.

By incorporating the Universal Design in a modular home construction, families is given a better option not to spend huge money in nursing homes.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home

Customizing A Modular Home To Answer the Needs of Senior Citizens

Posted by Legendary Homes on July 19, 2014 in Modular Homes with No Comments Yet

Senior citizens have needs that would be answered by a customized modular home. They need to have wheelchair ramps, wide and safe bathroom, and a comfortable bedroom. All these special things inside a modular home must be given to ensure safety and comfort; and to promote independence. We can achieve these goals by customizing the floor plan.

During the construction and even once the modules are delivered, modifications to the modular home can be realized. These modifications are focused on how to help the seniors achieve independence and safety.

Installing Easy To Use Tools

Modular Home in Michigan

In the factory, the manufacturer and his workmen typically install the necessary tools needed to create an accessible bathroom, wheelchair turnaround room, and accessible sink. Raised outlets, and lowered light switches are also placed in the modules to prevent reaching and bending. Additional electrical wiring can also be installed during the construction process of a modular home to accommodate automatic switches, locks, alarms and etc.

Widened doorways and hallways are also measured and realized inside the modular home factory. Lever-handle type door knobs, that senior citizens can easily push down instead of gripping and turning, can also be installed in the factory.

Once the modules are delivered on site, kitchen counters can be customized to accommodate the needs of the senior citizens. ADA faucet options or special faucets are also among the many options in a modular home for seniors, which the contractor can add.

Modular Home with Wheelchair Ramp

On site work for modular homes for senior citizens also include the building of wheelchair ramps. The ramp provides an easier and safer path to navigate around the home than the steps. The general contractor will consider building the wheelchair ramp in relation to the modular home foundation as the ramp cannot be set on a slab- on- grade. There is also some factors to consider with the height of the ramp from the ground to the door. Wheelchair ramp is an effective aging- in- place design that is encouraged even the owners or residents are not on wheelchair.

Modular Home with Walk in Bathtub

In an assisted living or any care environment, making the bathroom area safer is of utmost importance. One item that can provide a safer bathroom for senior citizens is a walk in bathtub. This type of bathtub allows easy entry and exit by providing a door in the side of the bathtub and a low step, which eliminates lifting the legs. Walk in bathtubs can also have increased height to allow easy sitting position.

Even if no one in the modular home has any current aging or mobility issues, having some of these designs in place can really come in handy if someone suffers an injury and finds themselves temporarily in a wheelchair or on crutches or using a walker. It’s a great relief to know that your doors are already wide enough to accommodate assistive medical devices, and that you have ramps and grab bars to help you move around, so you don’t become a prisoner in your home just because of a temporary injury!

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home

Modular Homes: A Housing Option for Senior Citizens of Allen, Michigan

Posted by Legendary Homes on July 18, 2014 in Modular Homes with No Comments Yet

Numerous alternative housing options are given when you are planning a home for your retirement and now that you know what you are looking for in Allen, Michigan, you will hear the terms like modular homes and manufactured homes. It is important that you know the difference whether considering an existing home or plan to build on a vacant lot from scratch. And for now, let’s have a quick look about the modular homes.

Modular homes are excellent option for retirement. With a lot of advantages it has, you are given a variety of floor plans which you can customize to meet the retirement needs of senior citizens. Also, buying a modular home is less inexpensive and could give you a more energy efficient and high quality home.

Pros and Cons of Modular Homes

High Quality

Modular homes are built in modules in a controlled factory. Each phase of the construction process conforms to all of the state and local building codes which ensures high quality modules. Reducing a building into modular component pieces to enable quick assembly is not a new concept. The module has been developed to simplify and standardize the building practice and the components. These modules are transported to the home site on a truck bed and put together by local contractors.

Versatile Designs

Modular homes look like any other houses and can range from small simple “starter home” designs to large custom-built homes. Affordable log and timber homes are included in the category of modular homes. A modular home which is designed, engineered and built in a factory, is constructed in sections and put together by a builder on your own site. The technology used can produce homes that are not only more affordable than traditionally built homes but of higher quality.

Faster Construction

Speed and efficiency are the most popular concepts of modular home construction. Because the modules are constructed in a factory and are not subject to variables, such as the weather, you can think in terms of weeks rather than months for a start to finish outcome. Modular homes are constructed to the building codes required by your state and locality are not restricted by any zoning regulations.

Lower Cost of Construction

Modular homes are sometimes less expensive than site built homes and interesting increase in value over time. These homes, when you add up the costs of labor and materials, are generally lower in cost than its site-built counterpart of a comparable size.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Homes

Renting vs. Buying a Modular Home for Senior Citizens in Jackson, Michigan

Posted by Legendary Homes on July 18, 2014 in Jackson, Modular Homes with No Comments Yet

Should I rent or buy a modular home for my retirement? This is certainly an intimidating question for seniors. It is also a difficult topic to discuss but nevertheless we should present the pros and cons of renting and buying a modular home.

A modular home is considered to be the top alternative house once the home buyer cannot afford to build a stick built house but its price has been rising and financing is plummeting. You should not be wary since after all seniors can have a home less than $100,000 with mortgage better than anyone else. But nothing is ever that easy, is it? With homeownership comes responsibility, while renting may be relatively carefree.

Pros of Renting a Modular Home

While seemingly the same price or even more expensive than owning, one of the pros of renting a modular home is having a cheaper lifestyle. You will be paying a certain dollar amount each month only. This monthly payment is like the cost of your mortgage but it fortunately lower.

Additionally, when renting maintenance and repair is not your problem. You can notify your landlord about any breaks (such as toilet breaks), and he will be the one to call the resident plumber and get a free fix. There’s also a huge psychological freedom to renting. You are at least on 12-month lease agreement rather than the 30 year lockin. And there’s even a good chance you’ve got a month-to-month deal in place when renting a modular home.

Cons of Renting a Modular Home

The downside of renting a modular home is always associated with the word temporary. You cannot establish your own household if you rent a home. Renting is also synonymous with limited. Some of the landlords do not allow pets or repainting of the place. You are also not inclined to have a 30 years lock- in agreement and despite those payments you are not entitled for home equity or ownership, leaving you issues during your retirement.

Another con about renting a modular home is the high possibility of having an increase in rent. There are some level of rent control that is most likely not practiced well. Your rent can rise at some point due to, probably, economic issues. You might be paying more than your neighbor who is paying a fix mortgage.

Pros of Buying a Modular Home

Seniors buy a modular home because of home equity or home ownership advantage. In simple words, the home will become yours whether you pay in cash for the construction or you asked for the assistance of modular home financing for senior citizens. Interestingly, owning a home is a cheaper alternative than renting these days in many areas in the United States today because of the low interest rates. All you need is to research and find a place good for your retirement.

Owning a modular home is inexpensive compared to renting one. Mortgage payment cost lesser than monthly rent payment in most cases. You can pay at $2,000 for mortgage instead of $2,500 while renting a home. Home ownership also offers tax benefits to homeowners which is cost efficient in the long run.

Additionally, there are fewer restrictions and you can modify or customize your modular home following your preference. This significantly mean you can make your home’s worth higher over the years and turn it to be more attractive and energy efficient.

Cons of Buying a Modular Home

Having a number of disadvantages will always be part of buying property as well. In buying a modular home, the first constraint here is shelling out huge amount of money for mortgage downpayment or to start the construction process. As per FHA loan guidelines, seniors must pay at least 3.5% of the purchase price, which can be a hefty amount in higher-priced areas of the nation. Mortgage payments can also be higher than the rent in some areas in the United States so don’t be surprised if it comes at a premium. You also have to pay real estate taxes and insurance, which don’t stop once the mortgage is paid off.

One con about buying a modular home is the responsibility of fixing any faults in the house like the pipes and electrical wires. The cost of home maintenance and repair will be shouldered by your own pocket. This is unlikely when you rent a modular home where a smiling plumber solves problems with you plumbing system for free.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home

Modular Home Financing for Senior Citizens: FHA Reverse Mortgage Application Process

Posted by Legendary Homes on July 17, 2014 in Modular Homes with No Comments Yet

Modular home financing for senior citizens is available through a program called FHA reverse mortgage. Seniors can apply to this program as long as they meet the requirements and are eligible.

A FHA reverse mortgage application process generally takes about 30-45 days from start to finish and has five major steps. However, the longest part of the reverse mortgage loan process is the decision-making process that leads up to the application.

The average FHA reverse mortgage applicant his application process by typically researching about the reverse mortgages using resources such as this site. He will request information by signing up in our newsletter. The homeowner may invest one to two months meeting with the specialist in person and reviewing the good faith estimate and other loan documents.

Initial Application for FHA Reverse Mortgage

The application legally authorizes the lender to begin the application process but the lender cannot incur any costs on your behalf until counseling is completed. The application is not binding and can be canceled at any point during the process. The application will specify the reverse mortgage fees, interest rates, and loan amounts.

Reverse Mortgage Counseling

Even though the application has been completed, the lender is not legally permitted to incur any costs on the applicant’s behalf until the applicant has submitted a signed HECM Counseling Certificate. This is proof that the applicant has completed the mandatory counseling session with a HUD-approved counseling agency. The counseling can be completed before or after the initial application in most states.

Appraisal for FHA Reverse Mortgage

The appraisal establishes the legal value of the applicant’s property. The FHA reverse mortgage appraisal must be conducted by an FHA-approved appraiser and it must follow a specific FHA format. This means that even if a homeowner has already had an appraisal, it will most likely have to be re-appraised at this point in the process.

Underwriting for FHA Reverse Mortgage

The lender will confirm the applicant’s legal ownership of the modular home by conducting a title search and purchasing title insurance. They will also work with the applicant to clear up any issues with trusts, unpaid liens against the title, bankruptcies, etc. Once the lender has finished underwriting and has approved the application, it’s status will be changed to “clear to close”. This means that everything has been completed and the final closing date can be set.

Closing of FHA Reverse Mortgage

The lender and the applicant set a closing date where a notary or attorney meets with the applicant to sign the final closing documents. This is the applicant’s opportunity to review the closing documents to make sure that the interest rate, fees, and loan amounts are the expected amounts. Once signed, the application goes into a three-day ”right of rescission” period. This means that even though the closing has taken place, the applicant can still cancel the application with no penalty for three business days after the closing.

Immediately after this waiting period, the title company will issue a check to the homeowner if proceeds are available from the reverse mortgage. If the applicant was using a reverse mortgage to pay off an existing mortgage, the title company will also send the mortgage payoff amount to the lender.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: FHA Reverse Mortgage

Modular Home Financing: Cost of a FHA Reverse Mortgage

Posted by Legendary Homes on July 17, 2014 in Modular Homes, Mortgage Lenders with No Comments Yet

The Federal Housing Administration or FHA has developed a program called the FHA reverse mortgage that helps senior citizens own their home. This program was realized because seniors were selling their homes, buying smaller, more affordable homes and then taking out reverse mortgages on the new properties. That meant they were paying closing costs twice — first on the real estate closing, and a mortgage if they needed one to make the purchase, and then again when they switched to a reverse mortgage.

Modular Home

But now, the new FHA reverse mortgage for Purchase Program allows seniors to buy a home directly with a reverse mortgage — paying closing costs only once, says Bill Glavin, special assistant to the commissioner of the FHA. A sale of an existing home is not necessary and is not part of this transaction.

The new FHA reverse mortgage program allows using a reverse mortgage to buy a single-family home, a condo or a small multifamily residence, and allows them to convert some of the equity in their existing home to cash. They never have to make a single payment. Instead, they would collect monthly payments out of the equity on a tax-free basis as long as the home serves as their principal residence. If they did not sell their previous home, they could get additional income out of renting that property.

Under the plan, you can choose to take the money either in monthly payments, as a lump sum, a combination of the two or even in a line of credit that you can access whenever you need cash.

FHA Reverse Mortgage Costs

You can pay for most of the costs of a FHA reverse mortgage by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.

The FHA reverse mortgage includes several fees and charges, which includes: 1) mortgage insurance premiums 2) third party charges 3) origination fee 4) interest and 5) servicing fees. The lender will discuss which fees and charges are mandatory.

Mortgage Insurance Premium
You will incur a cost for FHA mortgage insurance. The mortgage insurance guarantees that you will receive expected loan advances. You can finance the mortgage insurance premium as part of your loan.

You will be charged an initial mortgage insurance premium at closing. The initial MIP will be .5 percent or 2.5 percent, depending on your disbursements. Over the life of the loan, you will be charged an annual MIP that equals 1.25% of the mortgage balance.

Third Party Charges
Closing costs from third parties can include an appraisal, title search and insurance, surveys, inspections, recording fees, mortgage taxes, credit checks and other fees.

Origination Fee
You will pay an origination fee to compensate the lender for processing your FHA reverse mortgage. A lender can charge a HECM origination fee up to $2,500 if your home is valued at less than $125,000. If your home is valued at more than $125,000 lenders can charge 2% of the first $200,000 of your home’s value plus 1% of the amount over $200,000. HECM origination fees are capped at $6,000.

Servicing Fee
Lenders or their agents provide servicing throughout the life of the FHA reverse mortgage. Servicing includes sending you account statements, disbursing loan proceeds and making certain that you keep up with loan requirements such as paying real estate taxes and hazard insurance premium. Lenders may charge a monthly servicing fee of no more than $30 if the loan has an annually adjusting interest rate and $35 if the interest rate adjusts monthly. At loan origination, the lender sets aside the servicing fee and deducts the fee from your available funds. Each month the monthly servicing fee is added to your loan balance. Lenders may also choose to include the servicing fee in the mortgage interest rate.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: FHA Reverse Mortgage

Modular Home Financing: Frequently Asked Questions about FHA Reverse Mortgage for Senior Citizens

Posted by Legendary Homes on July 16, 2014 in Modular Homes with No Comments Yet

A new FHA reverse mortgage program can help senior homeowners relocate or downsize to a new home without giving up all their savings and save them thousands of dollars in the process. They don’t even have to sell their existing home first.

Modular Home built in Michigan

The program comes at a time when many financially strapped seniors are trying to boost their monthly incomes after being hit especially hard by the economic downturn: stock portfolio values plummeted, interest on investments shrank, and costs for health care and home repairs skyrocketed. Most has a little knowledge about the FHA reverse mortgage. To learn more about the FHA reverse mortgage, here are the frequently asked questions posed by potential modular home buyers;

What is FHA reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, FHA reverse mortgageborrowers do not have to repay the FHA reverse mortgage until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a FHA reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the FHA reverse mortgage proceeds and the sales price plus closing costs for the property you are purchasing.

Who can qualify for FHA reverse mortgage?

To be eligible for a FHA reverse mortgage, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and you must live in the home.

What types of homes are eligible for the FHA reverse mortgage?

To be eligible for the FHA reverse mortgage, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and modular homes that meet FHA requirements are also eligible.

Can FHA reverse mortgage be used on 2-4 unit properties?

FHA reverse mortgage can be used to finance 1-4 unit residential properties, including condominiums, modular homes and mobile homes (provided it is on a permanent foundation), along with multifamily properties. However, FHA loans are generally only reserved for borrowers who intend to occupy their properties.

Can I get an FHA reverse mortgage on a second home?

A co-borrower with an FHA reverse mortgage may be able to get another FHA loan if going through a divorce, and a borrower who outgrows their existing home may be able to get another FHA loan on a larger home, and maintain the old FHA loan on what would become their investment property.

Does FHA Reverse Mortgage require mortgage insurance?

Yes. The FHA reverse mortgage requires the borrower to pay for mortgage insurance.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: FHA Reverse Mortgage

FHA Reverse Mortgage for Senior Modular Home Owners

Posted by Legendary Homes on July 16, 2014 in Modular Homes with No Comments Yet

What is the FHA reverse mortgage? How will the senior modular home owners benefit from this? What are the requirements to successfully apply on this type of loan?

A 62 year old or older can be part of the FHA’s Home Equity Conversion Mortgage (HECM) program as long as he owns the modular home, paid the mortgage or the mortgage down payment, and is currently living in the said modular home. The HECM is also called FHA’s reverse mortgage program. The program enables you to withdraw some of the equity in your modular home.

You can also use a FHA reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

How the FHA Reverse Mortgage Works

Before deciding whether FHA reverse mortgage is right for you, you need to consider a number of factors. First you need to meet with the FHA counselor who will discuss the program to you. You will be given the requirements for eligibility, financial implications and other alternatives when applying for the FHA reverse program. Counselors will also discuss provisions for the mortgage becoming due and payable. Upon the completion of FHA reverse mortgage counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs.

Once you have reached a decision and have met the borrower and property requirements, you can look for FHA- approved lender to apply for the reverse mortgage. You can search online for a FHA-approved lender or you can ask the FHA reverse mortgage counselor to provide you with a listing. The lender will to discuss other requirements of the HECM program, the loan approval process, and repayment terms.

Requirements for the FHA Reverse Mortgage

As a borrower you must be 62 years of age or older. You should own the property outright or paid-down a considerable amount and occupy the property as your principal residence. The FHA also requires you not to be delinquent on any federal debt. As a modular home owner applying for the FHA reverse mortgage, you must have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and homeowner association fees, etc.

Another set of requirements ensures that your property conforms with all the FHA property standards and flood requirements. Single family home or 2-4 unit home with one unit occupied by the borrower is required. Modular home should follow and meet the FHA requirements before, during and after construction.

And as for the financial requirements, the modular home owner applying for the FHA reverse mortgage must present a verified copy of his income, assets, monthly expenses and credit history. Timely payment for real estate taxes, flood and hazard insurance premiums will be verified. These factors help the FHA representative gauge the borrower’s capacity to pay later on.

In case you still have question about modular homes, you may contact Legendary Homes Inc in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our modular home price sheets by signing up to our blog

Topic: Modular Home and FHA Reverse Mortgage

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Legendary Homes Inc
10197 S Meridian Rd US 127
Clarklake, Mi 49234
(517)206-2435
http://LegendaryHomesInc.com
Todd_Rutledge@LegendaryHomesInc.com

Located in Jackson County Michigan