Manufactured Housing

Finding a reverse mortgage lender that accepts manufactured home loans can be challenging. That’s why Nationwide Equities’ Reverse Power wholesale program is now accepting manufactured home loans. Partners of the Reverse Power program can now offer this program as manufactured housing becomes an increasingly attractive option for seniors. 

Basic Requirements

  • Constructed after June 15, 1976, in compliance with the Federal Manufactured Home Construction and Safety Standards
  • Floor area of a minimum of 400 square feet
  • Classified as real estate
  • Built and remains on a permanent chassis
  • Designed and used as a dwelling with a permanent foundation (built to FHA criteria)

Engineer’s Certification

The foundation must be inspected by a licensed engineer or registered architect to confirm that it meets the guidelines issued in the PFGMH (Permanent Foundation Guide for Manufactured Housing).

Appraisals

Differences include 1004c format, having at least 2 comps manufactured, and spaces to fill in required HUD data & to discuss additional modifications and improvements.

Perimeter Enclosures

The space beneath manufactured homes must be properly enclosed. The perimeter enclosure shall be a continuous wall that separates the crawl space from backfill and allow for proper ventilation.

HUD Seal

All manufactured homes must have an affixed HUD label (tag) or data plate located on the outside of the home. If the home is a multi-wide unit, each unit must have a label.

Single Installation

The manufactured unit must not have been installed or occupied previously at any other location. Units may be moved only from the manufacturer’s or dealer’s lot to the site on which the unit will be insured.

Flood Zone

Unfortunately, manufactured homes located in a flood zone or partially located within a flood zone are not eligible for an FHA insured home equity conversion mortgage.

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We are happy to answer any questions you may have about becoming a wholesale partner. Please contact us today to speak to our Relationship Support Manager.Contact Us