Before deciding whether\u00a0FHA reverse mortgage\u00a0is right for you, you need to consider a number of factors. \u00a0First 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.\u00a0 Upon the completion of FHA reverse mortgage\u00a0counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs.<\/p>\n 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. \u00a0You can search online for a\u00a0FHA-approved lender\u00a0or you can ask the FHA reverse mortgage<\/a>\u00a0counselor to provide you with a listing. \u00a0The lender will to discuss other requirements of the HECM program, the loan approval process, and repayment terms.<\/p>\n 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<\/strong><\/em>, you must have financial resources to continue to make timely payment\u00a0of ongoing property charges such as property taxes, insurance and \u00a0homeowner association fees, etc.<\/p>\n 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.<\/p>\n 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\u2019s capacity to pay later on.<\/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 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\u00a0FHA’s Home Equity Conversion Mortgage (HECM) program\u00a0as long as he owns the modular home, paid the mortgage […]<\/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-4666","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\/4666","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=4666"}],"version-history":[{"count":0,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=\/wp\/v2\/posts\/4666\/revisions"}],"wp:attachment":[{"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legendaryhomesinc.com\/updatedsite\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Modular](\"https:\/\/legendaryhomesinc.com\/updatedsite\/wp-content\/uploads\/2014\/05\/Modular-Home-Construction-300x157.jpg\")
<\/a>You can also use a FHA reverse mortgage<\/strong> 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.<\/p>\nHow the FHA Reverse Mortgage Works<\/strong><\/h3>\n
Requirements for the FHA Reverse Mortgage<\/strong><\/h3>\n
Topic: Modular Home and FHA Reverse Mortgage<\/h2>\n","protected":false},"excerpt":{"rendered":"