Wise to sell a property for a mobile home?

Guest 0.10 Dollars($)

My Wife and I are in our early 70s. We have lived in this house for 35 years. But still we have a mortgage because we have refinanced over the years to pay off the remodeling and upgrades.

I lost most of my IRAs to the falling stock market back in the year 2000. Our biggest asset is our home equity. We are planning to sell our house and buy a home in senior mobile home community. We can buy mobile home and still have enough money to meet our bills. What are your views on this.

Samantha · Posted: Sun Nov 06, 2005 10:38 pm Post subject: RE:

Hi Timm,

Welcome to MortgageFit Forums.

I am assuming that you have 60% equity on your home. Then you should consider reverse mortgage to pay off your current loan in a lump sum. By doing this you would have no monthly payments.

I don't think that you should sell off your home (which is an appreciating asset) and buy mobile home because the market value of mobile home depreciates just like a car. Instead I would suggest you that before selling your house to buy a mobile home you should stay renting in a mobile home and see whether you want to spend the rest of your life here or not.

Thanks,
Samantha

Caron · Posted: Sun Nov 06, 2005 11:43 pm Post subject: RE:

Hi Timm,

The information provided by Samantha is very good. And I totally agree with the advice samantha has given you.

Refer the sections, Reverse mortgage and New locking mechanism for more knowledge on reverse mortgage.

Hope the information will help you.

Thanks,
Caron

Guest 0.10 Dollars($)

Hi,

Thanks Samantha and Caron for that valuable replies. Truly i have gained lot of this.

Samantha thanks for that advice it has helped me in lot of ways.

Thank you once again,
Timm Very Happy

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