Reverse Mortgages for Manufactured Homes in Condominium Projects
According to the recent guidelines of U.S. Department of Housing and Urban Development, Premier Reverse Closings have now made changes in its condominium project guidelines. They have declared that they would take transactions for constructed properties such as manufactured homes in their projects.
In the past years, many reverse mortgage lenders had made requests to Premier Reverse Closings regarding their policy against manufactured homes. It took some time before the corporation could make a decision. However, the decision came very smooth, as PRC had closed a number of manufactured homes prior to launching the new policy.
Premier Reverse Closings is a pioneer of reverse mortgages. Its experience stems from its knowledge of the power of attorney and trust reviews. As a result, it undertook a massive research, before adopting such a decision. The corporation created a professional team to research about the requirements of such a policy. Based on the findings of the team, it formulated the policy.
The new decision of Premier Reverse Closings to accept transactions for constructed homes is welcomed across the country. Owners of manufactured homes are now happy that they could participate in the reverse mortgage process.
President of PRC, Rob Awalt is thankful to the Housing and Urban Development department, who acknowledged the need for such a policy. He says that if HUD had not shown interest, it would have been difficult for them to adopt such a policy.
Mr. Awalt furthers says that no other reverse mortgage company has ever provided such a service to its clients. He also said that PRC is ‘unprecedented’ in the whole industry.
This new policy brings in a number of responsibilities for the PRC professional. The corporation has thus created a team of 70 employees and dedicated sufficient resources to help the seniors make use of this plan.
