Reverse Mortgages Cons and pros can be listed and depending on your situation, hopefully the pros outway the cons.
Reverse mortgages can come in handy to cashing out home equity. However, one of the reverse mortgages cons is that there could be a higher up front cost to obtain the loan. In other words, they have a higher front loading than some other loans. Front loading means upfront costs that is generally paid out of the closing costs and taken out of the home’s equity. This is one of those Reverse Mortgages Cons.
If your Reverse Mortgage is for a mobile home, then you will need an Engineer’s Foundation Certification on the home. Depending on how you look at it, this may be one of those reverse mortgages cons, however, many homes pass the foundation certification with ease. The Engineer’s foundation certification is a certification that the mobile home is on a permanent foundation according to HUD’s Permanent Foundation Guide.
With that said, Never Fear, because we are Engineers that provide foundation certifications in accordance with those HUD guidelines. We help you out when you are getting a Reverse Mortgage on your manufactured home by providing you with an Engineer’s Foundation Certification.
Many times when the buyer of a manufactured home is getting an FHA, or VA Reverse Mortgage, the underwriter will require that the mobile home has been placed on a permanent foundation according to FHA Mobile Home Requirements and the HUD permanent foundations guide. This process is becoming more common, even with conventional (private) loans.
You (the home owner or buyer) are then required to hire a professional licensed engineer to certify that the mobile home was installed according to the “FHA Mobile Home Requirements”, dated 1996. Our foundation certifications team are professional licensed engineers and provide the foundation certification you need in order to complete your mobile home Reverse Mortgage.
Ready to Order? If you are ready, you may place your order by clicking here.
We provide Engineer Foundation Certificates
We provide engineering foundation certificates according to FHA Mobile Home Requirements involving:
- Reverse Mortgages
- HUD/FHA compliant permanent foundations
- VA permanent foundations
- Conventional loan permanent foundations
- California 433a and 433b permanent foundations
| Need a Mobile Home Loan? Click here for our FHA Mobile Home Requirements Reverse Mortgage Financing Calculator and Lenders page. |
What is the engineer’s certificate?
According to FHA Mobile Home Requirements, the foundation on all Mobile Homes must meet a certain criteria of structural stability and an Engineering Certification is required.
The engineer’s certification specifies that the FHA Mobile Home Requirements are complied with, a requirement for all FHA-insured loans. For a list of more frequently asked questions for Home Owners, go to our FAQ page.
Fast and Affordable FHA and VA Foundation Certifications
We ease your mind by providing fast, affordable engineering foundation certification services.
Ordering a Foundation Certification is easy. Our online order form speeds up the process. There are no messy paper forms to fill out and fax in. Our online order form was designed with you in mind to save you time. Click here to place an order.
