![\"FHA](\"https:\/\/legendaryhomesinc.com\/updatedsite\/wp-content\/uploads\/2012\/04\/Multi-Box-Ranch2.png-300x165.jpg\")
<\/a>Modular Home built in Michigan<\/p><\/div>\n
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\u00a0FHA reverse mortgage. To learn more about the FHA reverse mortgage<\/strong>, here are the frequently asked questions posed by potential modular home buyers;<\/p>\n 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.\u00a0 However, unlike a traditional home equity loan or second mortgage, FHA reverse mortgageborrowers do not have to repay the FHA reverse mortgage\u00a0until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.\u00a0 You can also use a FHA reverse mortgage\u00a0to purchase a primary residence if you are able to use cash on hand to pay the difference between the FHA reverse mortgage\u00a0proceeds and the sales price plus closing costs for the property you are purchasing.<\/p>\n To be eligible for a FHA reverse mortgage<\/a>, 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\u00a0must\u00a0live in the home.<\/p>\n 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\u00a0homes that meet FHA requirements are also eligible.<\/p>\n FHA reverse mortgage\u00a0can be used to finance 1-4 unit residential properties, including condominiums, modular homes<\/strong><\/em><\/a> 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.<\/p>\n A co-borrower with an FHA reverse mortgage<\/strong><\/em>\u00a0may 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.<\/p>\n Yes. The FHA reverse mortgage requires the borrower to pay for mortgage insurance.<\/p>\n In case you still have question about modular homes, you may contact\u00a0Legendary Homes Inc<\/a>\u00a0in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our\u00a0modular home price sheets<\/a>\u00a0by signing up to our\u00a0blog<\/a><\/p>\n A new FHA reverse mortgage\u00a0program 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. The program comes at a time when many financially strapped seniors are trying to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[30],"tags":[188,189,425],"class_list":["post-2215","post","type-post","status-publish","format-standard","hentry","category-modular-homes","tag-fha-loan","tag-fha-reverse-mortgage","tag-modular-home-financing"],"_links":{"self":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/2215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2215"}],"version-history":[{"count":0,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/2215\/revisions"}],"wp:attachment":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What is FHA reverse mortgage?<\/strong><\/h3>\n
Who can\u00a0qualify for FHA reverse mortgage?<\/strong><\/h3>\n
What types of homes are eligible for the FHA reverse mortgage?<\/strong><\/h3>\n
Can FHA reverse mortgage\u00a0be used on 2-4 unit properties?<\/strong><\/h3>\n
Can I get an FHA reverse mortgage\u00a0on a second home?<\/strong><\/h3>\n
Does FHA Reverse Mortgage require mortgage insurance?<\/h3>\n
Topic: FHA Reverse Mortgage<\/h2>\n","protected":false},"excerpt":{"rendered":"