Everybody loves a sprawling apartment and an upscale society to live in. Comfort and elegance is what people usually look for when they are house-hunting. And, if you suggest someone to rent a mobile home in a mobile home park, the suggestion would seem atrocious. The reason for such a harsh reaction is the stigma attached to living in a mobile home. It is often believed that those who rent mobile home do not belong to the same strata that the ones with apartments belong to.
Here’s to bursting myths and stating facts! Eons of misconceptions receive a huge blow, when they witness the most expensive mobile home parks that are spread across the American terrain. So, if you wish to rent mobile homes and can bear the mobile home rent in these areas, one of the following places can be the location of your next home.
Paradise Cove, Malibu- If you have conjured an image of a mobile home park in your mind, chuck it! Paradise Cove, in Malibu, is nowhere similar to the traditional mobile home park. Overlooking the massive and serene Pacific Ocean, this mobile home park can be considered to be the home of the elite masses. You can rent a mobile home here, but at a great price.
Capistrano Shores, San Clemente- Again, you are looking at a mobile home park that does not adhere to anything regarding the traditional mobile home parks. Imagine getting up in the morning to the scenic view that the ocean has to offer you! But, again, if you wish to rent a mobile home in this area for even a week, that would cost your lots of money.
Smuggler Park, Colorado- The name might seem somewhat shady but this mobile home park is anything but shady! In fact, it is popularly known as the “million-dollar mobile park.” It is a home to spectacular mobile homes that would give any apartment a run for their money.
Montauk Shores, New York- Once a common campsite for seaside wayfarers, Montauk Shores has become an upscale mobile home park for elite members of the society. You might fall in love with the retro-modern style which these mobile homes are crafted in, but to rent a mobile home in this area, you would have to bid adieu to lots of money.
Harbor Cove, Florida- Situated at a comfortable distance of several restaurants, shops, and surrounded by amiable people, Harbor Cove is the perfect place for someone who wishes to rent a mobile home at a convenient place.
These sprawling mobile homes stand in strong contrast to the perceived image of mobile home parks and easily disbands any myth about the status of those living in mobile homes.
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.