The Reverse Review is a publication that is written for people who are working as professionals in the reverse mortgage loan industry. However, it is also a publication that can provide terrific insight about the industry to those people who seek to get a reverse home mortgage loan.
For example, there is an article in the August issue of The Reverse Review which discusses the interesting issue of the reverse home mortgage for the manufactured home owner. Many seniors are living in manufactured homes in retirement parks in their area. Technically, there is no difference between getting a reverse home mortgage loan for a traditional home and getting one for a manufactured home. Technically. But this report indicates that there is a difference in the eyes of the lender.
That's because the manufactured home has typically been looked down upon by the mortgage industry. This shouldn't be the same with the reverse mortgage but it is a stereotype that has prevailed over time among some reverse mortgage professionals. As a result, seniors with a manufactured home may find it more difficult to get a reverse mortgage loan than their peers with traditional homes might. This is something that appears to be changing slowly but surely.
Learn more about it from the article which can be found here.
Question of the Day: What is the difference between a reverse home mortgage for the manufactured home and a reverse mortgage for the traditional home?
