The epithet “mobile homes” is quite suggestive of the specialty of these houses they are mobile! Mobile homes have the earlier caravans as their ancestors, which were a major form of accommodation in the war-struck nations. However, the present mobile homes are nothing like the caravans of earlier days. They are fully-equipped with all the modern amenities that one would seek. Also, it is a great option for those who aren’t financially capable of owning a sprawling apartment or for those wandering souls who wish to experience the comforts that their home provides, even when they are constantly on the move.
The good news is that, if you wish to experience the novelty of a mobile home or decide whether it’s the one for you, you don’t have to buy a mobile home. You can rent it! A well-equipped mobile home can be easily rented. So, if you wish to rent mobile home, then there are certain factors that you must take utmost care about before signing the deal.
The perfect location- There are various mobile home parks spread across the country and if you wish to rent a mobile home, then you can conduct some research and zero-in on the area you would find conducive to your requirements.
Mobile home rent- Another factor that determines whether you can rent a mobile home is your budget. Different mobile homes would charge different rates of rent. The onus is on you to find whether the rent quoted justifies the amenities available in the mobile home.
Terms of rental agreement- If you have found a mobile home that suits your requirements and fits your budget, the rental agreement would be the next step. You must go through the terms of agreement with a fine comb and the mobile home rent, the lease for the same, the deposit amount, and the clauses regarding the refund, should be stated clearly.
Mobile home park rules- If you are renting a mobile home in a mobile home park, there are certain rules that would be applicable to all its occupants. Go through it and adhere to it, since in most places, disobeying these rules can mean eviction from the place.
Health and safety matters- Every mobile home park must fulfill the requirements laid down by the government. Vicinity to hospitals, proper sanitation, connectivity to roadways, etc. are the terms of condition that mobile home parks must fulfill. So, rent a mobile home in a mobile home park that functions as per the rules laid down by the government.
So, when you set out to rent mobile home, ensure that you keep these commandments in mind.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.