Modular homes as the names suggest are prefabricated living spaces designed on a specific theme or as requested by the client. Home companies are now following this method to manufacture all the structure components off site and then simply assemble them on site, to build a beautiful living space for you and your family. This process is more cost effective and efficient, not to mention time saving since prefabricated structures are easy to manufacture and mass produce.
Modular homes are fabricated in sections and then assembled together like a big toy set. They are real houses which are eligible for all the particulars of any other type of residential property. This property will depreciate over time just like any other normal property, and the fact that they are nothing more than pieces of house put together doesn’t affect its treatment.
One of the companies amongst many other who specialize in modular homes is Clayton. Clayton is a big strong team with over 13400 members who have helped families build their dream homes for over 60 years now. Clayton has been providing affordable home and quality living spaces since 1956 with projects ranging from traditional site built homes, modular homes, manufactures homes, college dormitories, apartments and even military barracks.
Clayton features Energy shared certified homes, which boasts a number of benefits. Energy star homes by Clayton are less expensive compared to your standard homes, because of low utility costs. Energy efficiency also ensures more comfortable and quieter homes. Effective insulation ensures you stay warm during the winters and enjoy a cool breeze with energy efficient cooling, not having to worry about the electricity bill. These home are built with attention to detail which helps eliminate drafts, moisture, dust, petals, pests and pollen. This also improves the quality of air inside and ensures an overall healthy living.
Modular homes may be constructed in a different way, but they are not so different than regular housing.
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.