Originally Posted by graciegirl (Post 721485)

Old, older and oldest is bandied around here...but mostly by a bunch of young snots.

JUST teasin'...well kinda.

I don't like when the under 55 groups say stuff that makes me feel like I am past being fun and alive and interesting and try to start clubs to exclude us kinda more mature and interesting folks.

Whoops, Champion just got on me for hijacking another thread and he is my friend. I don't want to aggravate the man.

Originally Posted by Villages PL (Post 723410)

The information I got from an insurance company (several years ago) is that no one will insure a manufactured home that is over 30 years old. So, in order to get a 15 year mortgage, the home would have to be no older than 15years old.

Another example: If the home is 20 years old, you would only be able to get a 10 year mortgage. At the end of 10 years, you would have to sell for cash, unless you're willing to hold the mortgage yourself. No insurance company will hold a mortgage on a home that can't be insured. You would have to find a buyer who's not worried about being uninsured. And, of course, if you hold the mortgage, there would be a risk to you as the mortgage holder.

Originally Posted by Villages PL (Post 723410)

The information I got from an insurance company (several years ago) is that no one will insure a manufactured home that is over 30 years old. So, in order to get a 15 year mortgage, the home would have to be no older than 15years old.

Another example: If the home is 20 years old, you would only be able to get a 10 year mortgage. At the end of 10 years, you would have to sell for cash, unless you're willing to hold the mortgage yourself. No insurance company will hold a mortgage on a home that can't be insured. You would have to find a buyer who's not worried about being uninsured. And, of course, if you hold the mortgage, there would be a risk to you as the mortgage holder.