I am a Professional Housing Consultant (P.H.C.) certified by the Manufactured Housing Association and have spent many years in the manufactured home industry as a sales representative /sales manager for retail sales centers. Because of my vast experience, I would like to share some financing tips with seniors like myself. Let me begin by going back about ten or fifteen years ago. The
manufactured home industry was booming. There were many finance companies available all of which were competing for your business. They would finance almost anyone at a high interest rate and with little or no down payment. The retailers would take almost anything and show it as a down payment and highly inflate the value. As a result this category of customer would have no investment in their home. To make matters even worse the communities were offering free lot rent for one year or more.
Most of us in the industry knew what was going to happen. However, no one knew when
it would happen. It eventually came to pass in the ’90’s…….a large majority of these owners simply walked away and let their homes be repossessed by the finance companies
As a net result of all these repossessions most of the finance companies either went bankrupt or stopped lending to any mobile or manufactured home owner. Many retailers also went out of business. I happened to work for the largest manufactured home retailer and manufacturer in the world at that time. They also had to file bankruptcy and ended up going out of business.
Now let’s talk about the good part of the industry, seniors like you and me!
Many of us secured our home investment by either paying cash or putting down a substantial down payment with the result being that most of us are enjoying our investment and our
However, those unexpected bills or rising costs keep coming in. There are a number of seniors that have had to leave their comfortable homes and go live with their children.
Many have had to give up the activities they like to do. Some have lost a spouse and some income.
Let me explain how I handled my situation as unexpected bills came in.
I located a finance company that wanted my business.
This information is available at my websites listed at the bottom of this article.
I borrowed fifty thousand dollars on my home with payments amortized over thirty years with interest only payments for the first seven years.
I paid off all my bills which amounted to about eight thousand dollars.
I opened an interest bearing savings account, depositing five thousand dollars. This cash would be readily available for any emergency that arose.
I put thirty-seven thousand into a high yield certificate of deposit.
Now, for more good news………
The finance companies, by law, cannot age discriminate just because you are a senior.
I will be one hundred two years old when my mortgage ends.
My out pocket expense is
no higher now than it was before I refinanced.
You may go to any of my websites while still on line to see if financing or refinancing is right for you. This will direct you to the companies I recommend. There also is an excellent insurance contact on the site. I received three quotes from them and put my car and home owners insurance with the same company and therefore saved a substantial amount of dollars on the home insurance.
These websites contain all the information you will need to make a wise decision.
Free loan or insurance Quote [http://www.homeowners-choice.com]