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Reverse Mortgages for Manufactured Homes in Lake Oswego Oregon

May 10, 2018 /

Can You Aquire A Reverse Mortgage on a Manufactured Home in Lake Oswego Oregon?

The short answer is yes. .|Even though the short answer is yes, there is much more to getting a reverse mortgage in Lake Oswego on a manufactured home.|The yes answer is easy. The reality is that there is a whole lot more to getting a reverse mortgages in Lake Oswego Oregon on a manufactured home.|But you need to be aware of the additional costs, inspections and fees associated with getting a manufactured home reverse mortgage in Lake Oswego.}

Reverse Mortgage FHA Standards For Manufactured Homes In Lake Oswego Oregon

1. The house in Lake Oswego will need to have been constructed on or after June 15th of 1976. Homes constructed previous to June 15, 1976, despite improvements, fail to fulfill the HUD requirements and will not be accepted as certified with the HUD Code. FHA does not insure mortgages on manufactured homes made earlier than June 15, 1976. Most other mortgage insurance companies go along with FHA’s policy.

2. You must have the home inspected by a structural engineer. The expense for the inspection can cost anywhere between $300 to $750 or higher. The reason for the inspection is to ensure the home has been installed to FHA specifications, any upgrades like decks, verandas will not change the structural integrity and to assess if tie downs will be required.

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

4. An IBTS report may be needed. All manufactured homes made after June 15, 1976 are required to have one or more label(s) installed on them: a manufactured home HUD label(s) as well as a Data Plate/Compliance Certificate. If the home lacks these things or the labels or certificate is unreadable an IBTS report is going to be necessary. This report is usually several hundred dollars.

5. Almost all lenders will require your house to be no less than a double wide. In most cases loan companies will not lend on single wide manufactured homes.

6. You must own the land your manufactured home is on. Put simply if you’re leasing the land, for example in a mobile home park, you will not be qualified to receive a reverse mortgage. When your manufactured home is inside a PUD (planned unit development) in which you own the lot, you’ll be able to qualify.

7. If your manufactured home is on excessively significant acreage you might not qualify for a reverse mortgage. It is advisable to talk with a reverse mortgage expert in Lake Oswego to ascertain the answer to this condition.

Put simply, obtaining a reverse mortgage for a manufactured home in Lake Oswego could cost a few hundred to several thousand dollars more compared with non-manufactured homes.

Other than those items mentioned above, the process, fees and the amount of money you are able to borrow is the same as if it wasn’t a manufactured home.

Several other Questions On Mobile Homes and Reverse Mortgages in Lake Oswego Oregon

What is a manufactured home?

A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards (HUD Code) and includes a red certification label on the outside for 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.

What is the difference between manufactured and modular homes?

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

My house was built prior to June 15, 1976. I have completed some modifications to my house and believe it fulfills the HUD Standards. Can a person come check my home to be certain it’s in compliance with the Standards?

HUD doesn’t check homes. Homes built before June 15, 1976, even with alterations, won’t satisfy the HUD standards and cannot be authorized as compliant with the HUD Code. As the homeowner, you may find a licensed engineer equipped to inspect your home for compliance with your Oregon’s housing code. FHA doesn’t insure mortgages on manufactured homes constructed before June 15, 1976. The majority of mortgage insurance carriers follow FHA’s policy.

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

No. The Department won’t issue tags for any manufactured (mobile) home made prior to the enforcement of the Manufactured Home Construction and Safety Standards, effective June 15, 1976.

I own a park model home and have made upgrades to my home. I have been advised I need to get a HUD label. How do I purchase one?

No matter the improvements made to your park model, it’s not possible to obtain a HUD label on any structure that hasn’t been produced and inspected as a manufactured home as Oregond by HUD’s Manufactured Home Construction and Safety Standards and Regulations throughout its principal construction. You might contact the Recreational Park Trailer Industry Association http://www.rvia.org/?ESID=PMRV for details and resources with regards to park model homes.

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