Reverse Mortgages & Mobile McMansions
December 3rd, 2007
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The New York Times had a huge article in the Sunday business section regarding mobile McMansions, huge mobile homes — some costing as much $1.7 million — that seem to interest many retirees.
The article raised two issues:
First, can you get a reverse mortgage for a mobile McMansion? Oddly enough, the answer could be yes – if it becomes decidely less mobile. Under the HUD program, for example, the “manufactured home” would have to be built after 1978, physically attached to a foundation, and taxed as real estate rather than as personal property. Speak with lenders for specifics.
Second, what about gas? The article mentioned that some of these coaches get about 7 MPG, and that higher prices will cost owners perhaps a few hundred dollars extra per month for fuel. That’s the wrong point. The right point is that fleets of these behemoths consume huge amounts of gas. That consumption eats into a limited supply — which results in higher prices for everyone.
The entire article can be found at:
Housing Crisis? Try Mobile McMansions, December 2, 2007, The New York Times
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