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looking for a lender who offers HELOC on manufactured homes with bad credit,no mortgage payment

Hello

I live in benson arizona.  I am trying to find a lender who offers home equity line of credit for manufactured homes,with no mortgage payments and for people with bad credit.  Any help would be appreciated..
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September 19 2013 - US
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Answers (3)

Am I too late? I don't know of any lender that offers a HELOC on a manufactured home. I recently helped someone in your situation that wanted a HELOC, but instead he qualified for a cash-out refinance to get the funds needed. What is your ultimate goal here?
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July 22
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Thank you.  What I really meant in my question, was that we don't have a mortgage payment.  Our home was paid for in cash but we are trying to find a lender who offers HELOCS on manufactured homes and our credit is not all that great.
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September 20 2013
It is not likely that you will find a lender offering what you are looking for.  Traditional mortgages/HELOCs require repayment.

The only thing I can think of that may be an option for you is a reverse mortgage. Reverse mortgages have very clear qualification requirements that you would need to meet:
- Must be 62 years old (those 60 days from birthday will also qualify)
- Must own the home – be your primary residence (live there 183  days out of the year)
- Must have equity in the property
- May never have defaulted on government debt (you can not have been late on any government insured or issued debt)

Good Luck!
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September 19 2013
 
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