California Reverse Mortgage
Q: I am in the planning stage for a Silvercrest home in southern California in a 55+ park where I will own the lot. The property is very well maintained with great amenities and mostly newer nice homes with enclosed garages, more like a winter resort than the stereotype M.H. Park.
Does anyone know if getting a reverse mortgage will be a problem in such a situation?
It's probably hard for those in some parts of the country to believe the high cost of property here in California. Imagine a 1,500 s.f. mfg. home with lot at $160,000 being a bargain for a home!
A: Check out the info on the AARP webplace ( http://www.aarp.org ) and follow the link for Money and Work on the side bar. It's a great, one-stop source for just about everything you need to know about reverse mortgages. (Or use the search function on the site) You won't be able to get a reverse mortgage on a MH or a co-op. You and anyone else on the mortgage need to be 62 or older and live in the property on which you are getting the reverse mortgage loan on. You might slip into a crack and be able to get the reverse mortgage on the lot on which your MH sits as long as it's set up like a condo association but I'd check out a lender approved to offer reverse mortgages and ask. I have the name and address of an approved lender in my Rolodex who can offer government insured,proprietary, specified use and unspecified use RMs to you. .