Posted by Peter McIntyre on August 06, 2003 at 15:48:10:
Chuck
Yes thats true; but as most seniors want to down size both in home size and maintance they move into retirement housing or active seniors places . As for AZ and Florida well I understand your point as to old parks on high rent property but it seems MH communities have to be the most afforable opition if its provided. Back to AZ & Fla. its a sea of gray there I’m talking your hometown and afforable not all can hop off to thoses places
Looking at developing a new MH Community (Land-Lease)for seniors only using the Fannie Mae mortgage that allows the MH to be classified as property for a conventional loan of 95% for 20 years or 90% for 30 years.
Is the time right for such a project? Would like to get your views as to the feasibility.Thanks for the help.
Posted by Don Dion on August 07, 2003 at 10:46:55:
Were did you hear Fannie-Mae was lending on land lease mobile home? The do loans on manufactured homes with the towing gear and wheels removed that are on perm foundations, underground utilities and on private lots which are part of the transaction. I am not aware of a Fannie-Mae product that will do lease hold estates ecept for Hawaii.
Financing does not equal demand - Posted by ray@lcorn
Posted by ray@lcorn on August 07, 2003 at 10:13:35:
Peter,
Regardless of location, Chuck’s point is right on the money. Demand is the key. If your area has the demographics to support the project, then the proposal is something to consider.
Financing options for the developer or the consumers will not create the market. It may enhance demand, but not create it.
You need market knowledge. There is no way anyone can tell you whether the deal will work without knowing the market factors that provide the information to make a decision.
Chuck,
What I am talking about is an affordable retirement community for seniors who want to stay in their hometown. They could purchase the home for say $35,000 total and have a long term lease on the land which would be 5 years longer than the mortgage.This to me seems to free you their money from the sale of their previous house and puts them a senior’s facility.It seems to be the most affordable way?
Actually, they could stay in their CURRENT home AND be paid for doing so. It’s called a reverse mortgage.
Arizona and Florida are the retirement mecca’s of this country… and many of the older parks in Florida are currently being bought up by developers who are removing the homes and converting the properties to a different use.