Modular homes are built with prefabricated structures or modules, assembled together on site. These homes are no different than your regular homes, with the exception of being more cost effective and easy to build from scratch.
Since modular panels are manufactured off site, custom panels can be designed to suit the client’s requirements and if needed modified as well. These panels are cost effective and easy to manufacture, since the form is based on a predetermined design with accurate parameters and dimensions. This enables all the panels of the home to fit in like a jigsaw puzzle or Lego blocks perfectly.
There are number of advantages of opting for modular homes for the following reasons. Here are a few reasons why.
Time is money: Everybody in the construction business knows that the more labor time an uptime there is on any site, the increased will be the cost. Uncertainties in material prices, labor charges hikes and increased transportation costs all add to the big list of expenses. Modular homes however can be manufactured in parts and transported to the site, where the construction and installation takes a fraction of the time compared to its traditional competitors. There are smaller modular homes which can be completed built indoors in big warehouses or factories, waiting to be just transported to the new building site. This saves time and of course a lot of money.
Design flexibility: Since most modular homes are designed with the intention that someday, upgrades or changes can be made to the existing structure, this makes it a preferable choice over regular homes. The design allows for changes to be made even after a couple of years when the client feels that he wants to expand by adding another floor to create a duplex.
No wastage of materials: Although contractors plan the materials that might be needed for the construction project accurately, there still might be a chance of material shortage or wastage for that matter. Consistency in the building materials will ensure a smoother process and workflow management where there are no downtimes. Modular homes ensure efficient material utilization and minimize the allied costs.
Clayton modular homes is a big name in the construction industry with a workforce of over 13400 members dedicating their time and energy to ensure you get your dream house. The company’s modular homes division has a number of innovative design and utility options for everybody, customizing to satisfy client specifications.
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.