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A Beginner’s Guide to Reverse Mortgage for Manufactured Houses

A Beginner’s Guide to Reverse Mortgage for Manufactured Houses

Best Manufactured Homes
Mortgage for Manufactured Houses

It is true that many manufactured homeowners have no clue on what is a “reverse mortgage” even though they have heard the term several times. However, if you were ready to do a little bit of research, then you would be easily able to know what a reverse mortgage is and how they can be beneficial to the homeowners.

A reverse mortgage can be simply defined as a loan that is available to homeowners above 62 years of age. This loan allows these seniors to take equity in their manufactured home and to turn them into cash payments. Note that reverse mortgages are also known as Home Equity Conversion Mortgage (HECM).

One of the major perks of acquiring a reverse mortgage for manufactured houses is that the borrower will not have to repay the loan until he/she vacates or sells the home to another person. Reverse mortgages are one of the most popular and arguably the best choice for seniors with limited income who need assistance in paying the cost for health care services or help in covering their basic living expenses.

However, many seniors wonder whether reverse mortgages are a scam. Yet you must take note of the fact that reverse mortgages are actually a legitimate product that is offered by reputed banks and other lending institutions. In fact, such banks and lending institutions follow a number of regulations and rules in each reverse mortgage agreement.

Besides that, the manufactured homeowner will also have to meet several requirements and inspections for qualifying for a reverse mortgage. The Department of Housing and Urban Development (HUD), The Federal Housing Administration (FHA), and the moneylenders – all have their own specific set of rules and requirements, which you will have to meet for getting a reverse mortgage for your manufactured home. This implies that you will have to convince three different entities for acquiring a reverse mortgage for your home.

The Home Equity Conversion Mortgage Program (HECM) has put forward a general list of requirements that manufactured homeowners will have to meet for getting a reverse mortgage. Some of the requirements to become eligible for a manufactured home reverse mortgage are as follows.

  • Your manufactured home should have a HUD seal that is affixed on the exterior of the home.
  • Your manufactured house should be built after January 01, 1990.
  • It should be in its originally installed location.
  • It should have a minimum floor area of 800 square-feet
  • You must be the owner of the land where your home rests.
Simple Tips to Follow While Remodeling your Manufactured Houses

Simple Tips to Follow While Remodeling your Manufactured Houses

Manufactured Houses
Remodeling of Manufactured Houses

It is a known fact that the remodeling of manufactured houses requires careful and efficient planning. Many manufactured homeowners prefer to remodel their house in order to bring a fresh look to the structure and to make it a lot more attractive to the viewers.

However, if you are planning to remodel your manufactured house, then the first thing to consider is how much money you are willing to spend on the project. If you have a rough estimate for your manufactured home remodeling, then we assure you that your remodeling project will be a huge success. Below are a few simple tips to help you remodel your mobile home on a budget.

Planning

You will initially have to come up with a solid remodeling plan before buying things and before starting the remodeling project. Take your time to figure out how much money you are planning to spend for the mobile home remodeling project.

Plan your remodeling project and estimate all costs before you begin the works. If your remodeling plans are fairly basic, then you will certainly have an amount to spend on decorations and cosmetics. If there are any minute repairs on your house, then hire a local builder and fix them before starting the remodeling.

Shop Secondhand

You can keep the costs of your manufactured house remodeling significantly down if you are willing to shop secondhand things. You will be able to find great deals at antique shops, thrift stores, and online stores for that. Try to find a shop, which sells secondhand lights, cabinets, and fixtures, as it will help you to save plenty of your money.

You can easily cut your remodeling costs by buying secondhand items rather than buying brand new expensive items from hardware stores. However, you do not have to compromise on quality while buying secondhand items.

Do the Big Stuff First

When you are remodeling your manufactured home, you should initially replace the most expensive things before replacing the less expensive things. For instance, if you are remodeling your bathroom, then you should initially replace the shower and sink. Similarly, if you are remodeling your kitchen, then you should initially replace the stove and cabinets.

Experienced mobile home manufacturers advise homeowners to replace the big and staple items first. This is because if you run out of money during the remodeling project, then you would have at least completed the major tasks.

Energy Saving Guidelines for Manufactured Homes

Energy Saving Guidelines for Manufactured Homes

Manufactured Housing
Energy Efficient Manufactured Homes

Owning a manufactured home offers many benefits and customization options for the homeowner. Energy efficiency is one such thing that homeowners can implement in their homes. Replacing the incandescent light bulbs with CFLs or LEDs is one common way to minimize the energy usage. In addition to that, there are many other options in saving energy in your home.

In manufactured housing, the energy usage is commonly focused to four major areas. Moreover, when implementing any energy efficient practices, it is necessary that they remain largely focused on these areas of the home. Below are some of the tips for applying energy savings in your manufactured home.

Furnace

The furnace is an important area that you need to consider first when employing energy saving practices into your home. It is an important part of a home and consumes a good amount of energy for its uses. Maintaining the furnace involves identifying the fuel burning efficiency of the furnace.

Fuel oil furnaces require thorough cleaning every year, while gas powered ones require cleaning and maintenance every two or three years. Replacing the older units with condensing furnaces is an excellent way to ensure the highest energy savings. When installing them, make sure that the ceiling gaps and cracks above the furnace are properly sealed.

Heating and Cooling System

Air conditioners and heaters that form the distribution system inside a home are major consumers of energy. One of the first things to check for here is that the air from these systems is delivered freely without any obstructions or leakage. Occasionally inspect the filters for dust accumulation and clean or replace them if necessary to enable good airflow in the systems.

Proper sealing of the holes and gapes in the ductwork is crucial to save the energy consumed. Inspect the ducts for any leaks or holes and seal them using high quality aluminum or butyl tape.

Home Underside

In the underside of the home, make sure the road barrier is intact to ensure proper heat retention. Focus more on the underside areas that houses the furnace and water.

Seal any duct leaks and insulate them properly before patching. Besides that, patch any holes using ½-inch foil faced foam boards and sling patches depending upon the size of the hole.

Sealing Air Leaks

Sealing all the holes around the furnace, sinks, and tub using spray foam, caulk, or sheetrock is crucial to prevent any air leaks. This ensures good heat retention and sufficient insulation in the interiors to minimize the energy consumed.