 teaton13
Joined: 01 Nov 2009
Posts: 1
1.33 Dollars($)
|
 Posted: Sun Nov 01, 2009 4:29 pm Post subject: Personal loan/home equity loan on mobile home |
|
|
My parents own a mobile home and the lot in a gated, private community in Palm Desert, CA. They have no debt, are in their late 80's and have income from SS, a pension and their investments. They would like to borrow about $25,000 to do some modifications to the bathrooms and kitchen. They prefer to make monthly payments rather than tap their investment principal.
They have been told they cannot get a reverse mortgage. What other options are currently available to them? I am trying to help them decide the best way to manage this project.
Thanks for your advice. |
|
jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
|
| Posted: Sun Nov 01, 2009 8:00 pm Post subject: |
|
|
Hi teaton,
I guess the property is free and clear. In that case, they can apply for a mobile home loan from the lenders. They can speak to some of the local lenders and get an idea as to what type of rates they can get. If they get affordable rates, then they can go for it. As far as personal loans are concerned, it will come at a higher interest rate.
This community has a large number of lenders. They can seek a no obligation free mortgage quote from the lenders of this community. This will also let them know what type of rates they would get.
Thanks |
|
