If you are like me, you are only familiar with the term “reverse mortgage” because of the commercials on TV. After seeing Alan Thicke talking about the benefits of a reverse mortgage for the hundredth time, I decided to do a little research. I was particularly interested in what a reverse mortgage was, why they were beneficial, and how one would go about getting a reverse mortgage on a manufactured home. Here’s what I learned:

What is a Reverse Mortgage?

A reverse mortgage is a loan available to homeowners, 62 years or older, that allow them to take the equity in their home and turn it into cash payments.

Reverse mortgages are also known as a Home Equity Conversion Mortgage (HECM).

Google defines a reverse mortgage as:

a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.

“..unlike traditional mortgages, which decline as you pay down the loan, reverse mortgages rise over time as interest on the loan accrues..”

The loan is not required to be repaid until the home is either sold or vacated. This is very popular for retirees with limited incomes that need help covering basic living expenses or assistance in paying health care costs.

How are Reverse Mortgages Beneficial? Are they a Scam? 

Reverse mortgages are a legitimate product offered by lending institutions. Several rules and regulations must be followed by the bank in a reverse mortgage agreement.

Image Source: Kentucky Power

Are Manufactured Homes Eligible for a Reverse Mortgage?

A manufactured homeowner must meet a dizzying list of requirements and inspections to qualify for a reverse mortgage.

The Department of Housing and Urban Development (HUD), The Federal Housing Administration (FHA), and the lender all have their requirements and rules that must be met when getting a reverse mortgage on a manufactured home. 

You have to make three different entities happy if you plan on getting a reverse mortgage on a manufactured home.

Manufactured Home Requirements for Reverse Mortgages

The Home Equity Conversion Mortgage Program (HECM) has an extensive list of requirements for manufactured homes to be eligible for a reverse mortgage.

There are several requirements that a manufactured home must meet in order to qualify for a reverse mortgage. The AAG (American Advisor’s Group) provides a complete specification list for obtaining a reverse mortgage on a manufactured home:

• 1. Your home must have a HUD seal affixed on the outside of the home, which proves that the home conforms to the Federal Manufactured Home Construction and Safety Standards, under HUD code.

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  2. Your home must be produced after January 1, 1990.

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  3. Your home must be taxed and classified as real estate and must be designed to be used as a dwelling with a permanent foundation built to FHA requirements.

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  4. Your home must be in its original location. The only acceptable move the home must have encountered was the move from the factory to the dealer and then to the site. Once on the site, it must have remained there permanently.

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  5. Your home must have at least a minimum floor area of 800 square feet.

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  6. Your home must not be in a condominium association.

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  7. Your home must be built and must remain on a permanent chassis.

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  8. Any wheels, axles or a hitch must be removed from your home.

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  9. Your home must be permanently attached to the property.

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  10. Your home must have acceptable perimeter enclosure (skirting is a must).

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  11. Beneath your home, the finished grade must be at or above the 100-year flood elevation.

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  12. Your home must have an engineer’s certificate stating that the foundation meets HUD guidelines.

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  13. Your home must have permanently installed utilities that have been protected from freezing.

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  14. Your home must have the affixed HUD tag or data plate, and the appraiser must include the serial number on the appraisal report.

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  15. Your home must be double wide or bigger.

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  16. Your mortgage must cover both the unit and its site.

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  17. You must own the land the home rests on.

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  18. You must meet any additional requirements specified by your lender and HUD.

Fees Associated with Getting a Reverse Mortgage on a Manufactured Home

FHA appraisals, HUD counseling fees, foundation inspection, insurance, origination fees, and servicing fees are typically required for reverse mortgages.

Once you pass all the requirements listed above, you have a couple more steps to go before getting a reverse mortgage on a manufactured home. These requirements cost upfront before you get the reverse mortgage but can sometimes be added into the mortgage though that reduces your net loan amount.

The FHA will require an appraisal, HUD will want you to be counseled by one of their representatives, and an engineer will need to inspect your foundation. The foundation inspection is required because so many manufactured homes are improperly tied down or permanently installed.

HUDS Permanent Foundations Guide for Manufactured Housing (4930.3G)

The HUD counseling session costs around $125 and must be with a licensed agent. This link will help you find a counselor close to you:

Listing of HECM Counseling Agencies

The appraisals will assist in determining the amount you can get through a reverse mortgage. The counseling will ensure you understand what is going on and the inspections are required because so many manufactured homes are improperly tied down (or permanently installed). Origination and servicing fees are profit for the bank and mortgage insurance protects the bank’s investment.

Lending Tree explains more about getting a reverse mortgage on a manufactured:

Reverse mortgages are offered with fixed as well as adjustable rates. On an adjustable rate reverse mortgage, owners can take the payment as a lump sum, a line of credit, or payments through the remainder of their lives if they remain in the home.

While reverse mortgages can be risky, they do provide the borrower with much-needed cash for their senior years. The funds are used at the outset to retire the existing mortgage balance. Then, the remainder of the money may be used as the borrower sees fit: for medical expenses, home repairs, debt consolidation, or senior travel.

Image Source Unknown

Additional Resources about Getting a Reverse Mortgage on a Manufactured Home 

This article is just the bare basics of getting a reverse mortgage on a manufactured home, but it is a start.

The following links will help you learn more about reverse mortgages:

Frequently Asked Questions about HUD’s Reverse Mortgages

HUD’s Reverse Lender List

FHA Reverse Mortgages (HECMs) for Seniors

Calculator

This link is a calculator that can help you figure out how much your payment could be based on several factors such as home value and interest rate:

Reverse Mortgage Payment Calculator 

Summary

In summary, manufactured homes seem to get a raw deal when it comes to reverse mortgages just like every other financial and insurance-related activity. It’s always harder to finance and insure manufactured homes so I suppose we should expect to deal with additional requirements and red tape when it comes to getting a reverse mortgage, too.

More Helpful Information about Manufactured Home Financing 

18 Home Improvement Loans and Grants for Your Manufactured Home Remodel

Finding Homeowner’s Insurance for Manufactured Homes

The Directory of Mobile Home Manuals

Do you have experience getting a reverse mortgage on a manufactured home? Are you a professional that can provide tips or advice? Please share in the comments below!

Thanks for reading this article and visiting Mobile and Manufactured Home Living!

Please welcome Suzanne and Dave!  They are kindly sharing their experiences making additional principal payments on their manufactured home mortgage, and you won’t believe how much money they are saving!

What is an Amortization Schedule?

You probably know that, when you borrow money from a bank (or other lending institution; I’ll be using “bank” to refer to all of them), you pay a PRINCIPAL amount that lowers the amount of your original loan and an Interest amount that goes to the bank. I like to think of interest as the fee you pay to the bank for the privilege of borrowing the money.

Do you also know that, even though some of your payment goes to the principal and some go to the interest, the bank wants as much interest as soon as possible?

For example, let’s say you borrow $5,000 for two years at 5% interest. The Amortization Schedule (the form that shows your payments over the life of the loan) looks like this (from bankrate.com):

Your monthly payment every month is $219.36. Every month. Why bother even looking at an amortization schedule? This is why: the bank wants as much interest in their pocket near the beginning of the loan.

When you make your first payment, $198.52 goes toward lowering the amount of your original loan. $20.83 goes to the bank for “servicing” your loan. Your remaining loan amount is $4,801.48 (5,000.00 – 198.52 = 4,801.48).

The second payment has a little more going to lowering the amount of your loan. The interest is a little less.

By the time you make your last payment, only 91 cents goes to the bank in interest.

Two-year loan for five grand is not such a big deal. How about $100,000 at 4% interest for 30 years?

The Principal for the first few months is about 30% of the monthly payment.

By October, 2029 (the 153rd of 360 payments), the Principal is finally more than the Interest.

Halfway through the loan (180 payments), the Principal is about 55% of the monthly payment.

Near the end of the loan, the Principal is over 90% of the monthly payment. If you make 360 payments and finally pay off your $100,000 loan, congratulations!

Also, you’ve paid the bank $71,869.51 in interest. Of the $171,869.51 you’ve paid over the past 30 years, 42% of that went directly into the bank’s pocket…on which they earned interest by loaning it to someone else.

How We Turned the Tables on the Bank

This is our personal history, based on our 47 months here, of making additional principal payments.

Four years ago, we borrowed $58,913.00 to buy our house. It was a HUD foreclosure, FHA Loan at 3.625% interest rate.

I downloaded an amortization schedule from the Internet, imported it into Excel, added some additional columns, and we made a plan for making additional principal payments. Depending on what was happening to our household budget, sometimes we made only one additional principal payment, sometimes we made more.

Last fall, we tried to map out when we’d be “flush” and when we wouldn’t be flush. We pay our vehicle insurance four times a year. Not flush those months. We both collect Social Security. Sometimes, we get a deposit every four weeks; sometimes, it’s five weeks. Not flush waiting during that “extra” week.

We decided to try for $2,000 total when are flush and $1,500 total when we’re not.

Every once in a while, we empty a storage unit and stop making that monthly payment. We can add that amount to the flush/not flush amount so that the extra principal doesn’t hurt any more than making the storage rent.

The Breakdown of Making Additional Principal Payments

• Light Yellow: Regular Payments
• Pink: Additional Principal Payments Made by Suzanne
• Blue: Additional Principal Payments Made by Dave
• Dark Yellow: Total Amount Paid to the Bank for the Month
• Non-Highlighted Column: Interest the Bank Will Never Receive

In the screencap above, light yellow denotes regular payments (principal and interest; $542.13 also include property tax and insurance). Pink denotes the additional principal payments Suzanne is making. Blue denotes the additional principal payments Dave is making. Dark yellow denotes the total amount of all checks for that month. Please note the NON-highlighted figures in the “D” column. That is the interest we didn’t pay that month and we aren’t paying, ever!

In September, we made only the regular payment (we had an emergency). October and December were non-flush months ($1,491.58 and $1,541.52 total). November was a flush month ($2,003.31 total).

Had we made 47 months of regular principal and interest payments, we would have paid the bank $8,054.39 in interest and still owed $54,339.90 on the principal!

Because we’ve made 205 principal payments, we’ve skipped 158 interest payments. By skipping those interest payments, we’ve paid only $6,908.53 in interest and owe $33,215.55 on the principal. We’ve already saved $22,471.32 in interest! And, you know from the examples above, “early” interest is always higher than “later” interest.

Our Flush / Not Flush plan has us paying off the house on December 26, 2018 (71 total months). At that time, we will have paid a total of $8,457.06 in interest. That’s $29,353.52 that will never see the bank’s pocket.

You Can Turn the Tables on the Bank, Too!

1. When you borrow (for anything), make sure the bank doesn’t punish you for making additional principal payments. That’s called Prepayment Penalty.

What is a prepayment penalty?

2. Don’t let the bank talk you into a 10- or 15-year loan. You need the flexibility of a 30-year loan. When we got our loan, we were 66 years old and a 30-year loan would have us paid off when we were 96. We’re actually paying off the loan in six years…when we’ll be 72. Still decrepit, but alive.

3. Create and download an amortization schedule using the Internet. You’ll need the Amount Borrowed, the Interest Rate, and the Number of Years of the Loan.

• Here’s an Amortization schedule calculator 

4. Import the amortization schedule into a program that allows you to modify it. I use Excel. If it will be helpful, add columns to help you keep track of what you’ve done in the past and to help you plan for the future.

5. Look at your financial life over the next year, or the next six months or even the next three months, and try to figure out when you might be flush and when you won’t.

6. Figure out how much you can pay in total when you’re flush and how much you can pay when you’re not.

7. Make your plan. But remember, outside of your mandatory house payment, your plan is flexible! Maybe one month you thought you were not-flush but ended up selling something on craigslist.

Helpful Notes About Making Additional Principal Payments

1. When you receive your next mortgage statement from the bank, check to confirm that what the bank says is the remaining principal and compare that to your amortization schedule.

A. The Outstanding Principal Balance on our new statement exactly matches the New Principal Balance on row 212 of my amortization schedule.

B. The Principal and Interest amounts on the new statement exactly match the Principal and Interest amounts on my amortization schedule (row 215, not shown in the earlier screencap). The Principal, Interest, and Escrow added together equal our usual monthly payment.

Note about escrow accounts: You’re probably aware that real estate taxes can go up or down and so can homeowner’s insurance. Those items have an affect on what the bank collects from your payment to add to your escrow account. Here, property tax is paid in April and October. Our homeowner’s insurance is paid in January. Once a year, the bank will review everyone’s escrow account and can raise or lower your monthly payment, depending. Just for grins, I checked the past four years. When we first bought the house, our payment was $576.92, changed to $528.96 eleven months later, changed to $539.81 a year after that, changed to $547.31 seven months later, and changed to $542.13 a year after that.

C. The Principal Payment at the bottom of our statement is $999.39, which is EXACTLY the amount of the additional principal checks we wrote (664.25 + 335.14 = 999.39).

D. Every month, the bank reminds me that there is no prepayment penalty.

2. Yes, you can just add whatever amount you can spare to your regular payment. The important thing is that, when you get your next month’s statement from the bank, just make sure that the bank credited that amount to your principal. Lots of people do that. It’s easy. Personally, I really, REALLY, like watching my spreadsheet. Please see my bank’s note about partial payments. Your bank may be different.

3. Years ago, I was trying to explain additional principal payments to a friend so that he could save on interest (he had just bought a house). He actually got very angry with me: “The bank will NEVER let you do that!”

4. Another friend told me she would never make additional principal payments because she needs the interest deduction when she pays her income taxes. I wonder what percentage of the interest she gets back from the IRS as a refund against income taxes paid. I get to keep 100% of the interest I don’t give to the bank.

5. I’ve had people tell me that they don’t intend to stay in their home long enough to pay it off so making additional principal payments doesn’t make sense for them.

Consider this: the more you pay in principal, the more you have in equity and the more you will net when you sell.

Would it be nice to have some extra cash when you move into your next house or cash to buy furniture or to remodel the bathroom in the new house?

If you end up in a situation where you HAVE to sell the house because you lost your job or you have medical bills or for any other reason that additional principal you paid will be in YOUR pocket (and may even have grown due to rising home values). The “extra” interest you paid will do you no good — it’s in the bank’s pocket.

The most recent additional principal we paid was $167.82. We didn’t pay the corresponding $100.85 interest. The county assessor has our house valued at 190% of what we paid for it. If we sold today, the $167.82 might actually be worth $318.86. Had we actually paid the $100.85 in interest, it would have added nothing to the equity.

Private Mortgage Insurance

Our bank takes mortgage insurance for five years. Period. $53.96 per month in our case. No “canceling when the unpaid principal balance is down to 78% of the original loan amount” or any other criterion.

What is private mortgage insurance? 

A risk-management product that protects lenders against loss if a borrower defaults. Most lenders require private mortgage insurance (PMI) for loans with loan-to-value (LTV) percentages in excess of 80% (the buyer put down less than 20% of the home’s value upon purchase). (investopedia.com)

We will be making our 60th (end of five years) payment in January 2018. At that time, our principal balance will be $16,056.42, about 27% of the original loan amount.

Related: How To Cancel FHA Mortgage Insurance Premiums (MIP / PMI)

The day I go to the bank to drop off that payment, I will also drop off the paperwork to get the mortgage insurance taken off the payment.

We were thinking about refinancing to get rid of the PMI but we’re so close to the five-year mark that we figured it would cost more to refinance (two grand, I think) than we would save in one year’s PMI ($647.52).

Thank you, Suzanne and Dave!

A huge thank you to Suzanne and Dave for sharing their knowledge and experience on this important topic. I had no idea making additional payments could make that much of a difference!

As always, thank you for reading Mobile and Manufactured Home Living! 

This is our understanding of how loans work and what we do to turn the tables on the bank.

This article doesn’t cover down payments. This article doesn’t cover what is collected for property taxes, homeowner’s insurance, or private mortgage insurance. This article reflects only our opinions and experiences and may not reflect the opinions of Mobile Home Living. 

Additional resources about making additional payments on your home loan:

Why pay extra toward mortgage principal?

Should you pay extra on your mortgage?

Savings From An Early Home Loan Payoff

There is a helpful resource about mortgages at consumerfinance.gov. They have several downloadable forms and a home loan toolkit that you can download, all free. Here’s the link to the website: consumerfinance.gov. Click on the image below to see the toolkit.

Your home loan toolkit

Transporting a mobile home and finding the right mobile home mover can be a bit tricky. Mobile homes offer great affordability and convenience but they are not as easy to move as most people think. You cannot just hook up a mobile home and pull it like you can a camper.

Transporting a mobile home requires careful planning, permits, insurance, and the right equipment. Once all the paperwork is done the homes still have to be prepared (or broken-down) for the move and then set-up on the new property. It’s a complex system that requires knowledge and experience.

Transporting a mobile home isn’t cheap. The following should help you learn more about the process of transporting a mobile home and finding the right mobile home mover for your situation.

How a Mobile Home Mover Calculates the Cost of Transporting a Mobile Home

The most important element you need to consider when transporting a mobile home is the cost effectiveness. Mobile homes require special equipment and careful planning to move. You shouldn’t just choose the cheapest company. You’ll want to compare what each estimate includes and what additional costs will be needed. The following will help you understand all the factors that a mobile home mover uses to calculate the cost of transporting a mobile home.

Related: 4 Things to Consider Before Moving a Manufactured Home

Preparing for your move

When it comes to preparing your mobile home, you have two main options, preparing the home yourself or allowing a mobile home mover to do so at an additional cost. This includes securing furniture, removing your valuables, removing breakables, securing doors, windows and toilet seats, removing skirting and ensuring that nothing can fall over or break.

What does the preparation process entail?

• Discontinuing utility services in advance and hiring a licensed electrician and plumber to disconnect your home.
• Removing skirting, sheds, air conditioning and decks and storing them safely for transport.
• Securing windows so they don’t shatter.
• Packing belongings.
• Securing furniture inside the mobile home.
• Lifting the mobile home off the ground for axle and hitch installation.

Transportation Options

Transporting mobile homes can be very difficult because most of them weigh more than 18,000 pounds, see u-ship’s budget ideas with that weight. The home must first be lifted off the base in order for movers to install wheels. Then, a mobile home mover tows your home to the intended destination with at least one guide car. Most states require mobile homes to be accompanied by guide cars in order to protect other road users.

Because of the weight, size, and length of mobile homes, movers must use major highways, travel slowly and stop frequently to replace axles and tires as needed.

Actual transportation costs between $5 and $15 per mile. Here, it is extremely important for the moving company you choose to have insurance for the total cost of damages that may occur during the move. Moreover, insurance, moving parts and any other fees required by your local county or state will affect the cost. So check for local calculators and free estimates.

Current Location and your Destination

Transporting mobile homes involves several factors including disassembly and assembly, distance, permits, travel time, and costs such as employees and gasoline. Therefore, it is essential to understand a great deal about your mobile home in order to get an accurate quote. Here are the factors that a mobile home mover uses to charge for transporting a mobile home:

· Distance

The transportation cost for most manufactured homes ranges between $5 and $15 per mile. However, the cost may vary by mover, state and size of your mobile home. You may also have to pay movers according to the distance they have to travel between different locations during the moving process.

· Park or private property

Moving out of private property is very different from moving out of a mobile home park and this might also affect your moving cost. For instance, when moving out of private property, you must note whether your mobile home is accessible from the road and whether it can accommodate the load. On the other hand, you must inquire whether the moving company will clean the lot when finished because the mobile home park might hold you responsible for any mess left by movers.

 Counties

Most counties require that you have licenses and legal permits to move and/or install your mobile home. However, these costs usually depend on where you are moving from and where you are moving to.

· Getting to your township destination

Difficult mobile home moving trips usually cost more. Besides considering whether the roads along the way can accommodate the load, you must also understand that most townships require homeowners to acquire building permits in order to install manufactured homes and this will also affect the costs.

The Mobile Home’s Details

In addition to the issues above, a mobile home mover also factors in the size and construction of the home:

Size

One of the most critical factors that affect your costs is the size of your manufactured home. For instance, moving a double wide might cost twice as much as moving a single wide would cost.

Frame size

The frame size determines the piers and axles the moving company will use to support your manufactured home safely. Watch this video on how to measure your frame for the movers.

Manufacturer

Since manufacturers use different standards in the construction of mobile homes, this may affect factor such as the roof pitch especially for double wide home sand this might also affect the costs associated with moving your mobile home.

Type of siding

You should note whether you have vinyl or metal siding at it also affects weight, insurance and hence the cost of moving your mobile home.

Drywall

Do you have standard mobile home drywall or finished drywall? This will affect the cost of repairing potential damage and the cost of moving.

Axles and Hitch

If your manufactured home includes axles you should check whether they are still intact. If the axles are missing, enquire whether your mover provides them and whether they will furnish the tires too. However, if the hitch is missing you might have to buy a new one and pay for its installation.

Finding Discounts 

Since most mobile home parks intend to make money in the long run, they may offer move-in incentives for people who move qualified homes into their communities. Therefore, if the home you are moving is good looking’ and in good condition and you agree to live in the community for a certain number of years, the mobile home park owner might offer to pay for the setup or even part of the entire manufactured home move cost.

You simply need to compare different move-in incentives offered by different local parks and consider their restrictions for new and used mobile homes coming into their communities. Make sure you understand all the details of the contract and have an attorney review it.

Considering all these factors, it is crucial to get individual quotes from several mobile home movers based on your mobile home and your circumstances. Although moving a manufactured home is not an ideal alternative for everyone, getting accurate quotes from different companies will help you make the best decision based on what their moving packages entail and the respective costs. You can check out sites like “how much is it” for additional info not covered in this article. But will all moves, you need to make sure it is the best option for you and your home.

Thank you for reading Mobile and Manufactured Home Living!

Mobile home insurance is an important topic for homeowners. In today’s uncertain world, any major purchase you make should be covered by insurance. A mobile home or manufactured home is no exception. While certain risks associated with owning a mobile or manufactured home may be slightly different than those associated with a traditional home, there are certainly many insurers eager to compete for your business.

That’s why the team at Reviews.com spent six weeks researching the ins and outs of the mobile home insurance industry to determine what to look for when shopping for a quote, as well as how to get the best premium rate for manufactured and mobile homes.

Related: Insurance for Mobile Homes

Mobile Homes vs. Manufactured Homes: Is There a Difference?

When it comes to mobile home insurance, homes are generally treated the same. Both types of homes are put together in whole or in part in a factory and then are transported to the home site.

Typically, mobile and manufactured homes sit on a metal frame or use tie downs in lieu of a traditional foundation. The key difference between mobile and manufactured homes is simply the date they are made. Mobile homes are homes built prior to June 15, 1976, whereas manufactured homes are built after.

Essential Insurance Coverage for Mobile and Manufactured Homes

As with a traditional home, you need 3 categories of homeowners insurance to ensure your investment is fully protected. These categories are as follows:

– Liability coverage. This policy covers you in the event that you cause damage to another person’s property or someone comes onto your property and is injured.

– Property damage. If your property (mobile or manufactured house) itself gets significantly damaged and requires repair, this is the rider you will need.

– Personal property. This rider can cover and reimburse you for personal belongings that were impacted by a covered loss (i.e. theft or inclement weather)

Pricing for Mobile Home Insurance

If you own a mobile home, for insurance purposes this means your home was built prior to June 15, 1976. As an older residence that wasn’t built according to today’s building codes, you may find your insurance premiums come at higher rates.

Manufactured home insurance, however, is where you will see the greatest price differentials, since your home could have been built any time after June 15, 1976. The newer your manufactured home, the less costly your insurance is likely to be overall, at least structurally speaking.

In the past, few insurers offered mobile home insurance. Today, however, most of the major insurers, including Allstate, State Farm, and Farmers, offer this type of insurance, as do many regional and local carriers.

One way to check which insurers are licensed to provide mobile and manufactured home insurance in your state is go on your state’s Insurance website, which offers important information for consumers that is more regionally specific. Additionally, if you belong to any special organizations or associations such as AARP (for persons aged 50 or older) or USAA (for military members) or your employer has negotiated a special rate plan for employees, you may find cheaper rates that quotes suggest.

If your mobile or manufactured home comes equipped with special safety features, such as a smoke detector or security system, or you are bundling your home insurance with a company you already have another policy with (i.e. car or motorcycle), this may also afford you extra discounts.

Specialty Insurance Riders
Like traditional homeowners insurance, mobile and manufactured home insurance typically does not cover special issues, such as flooding, wildfires and mold and mildew.

If you live in an area with special weather considerations or in a very humid climate where mold is more likely to develop, you may want to consider getting an additional insurance rider.

Coverage Levels and What You Need
Because each state has the right to set insurance minimus, your costs for mobile and manufactured home insurance will primarily depend on which state you live in.

There are, however, other factors that may influence your mobile home insurance premium. These include:

• Your deductible. The general rule of thumb is the higher your deductible, the lower your premium.

• Your home value. If you have a more expensive home, it will cost more to insure it.

• How much coverage you’re interested in. While states may set minimum coverage levels, this doesn’t mean you won’t want or need more coverage than what the minimums will provide. The more coverage you want, the more you will pay.

• Home location. Regional climate may alter your ‘risk level’ for home damage. Flood plains, hurricane or tornado zones or other special issues affecting your state or region could raise your price.

By understanding what kind of coverage you need, the types of coverage you get and how your price is determined, you will be better equipped to shop around and get the most mobile home insurance for the lowest price for your home. For more information regarding homeowners insurance, including a useful quote tool to compare rates in your area, visit Reviews.com.

Thank you for reading Mobile and Manufactured Home Living!

Buying a new manufactured home is probably one of the most important decisions you will make in your life. Nearly a third of all single family homes bought in recent years are manufactured homes. It is essential to understand that buying a new manufactured home is different from traditional home buying.

Our hope is that this guide to buying a manufactured home will help you avoid possible pitfalls you could face and lose a lot of your hard earned money.

The First 9 Steps of Buying a New Manufactured Home

1. Determine the desired size and floor plan.

Manufactured homes come in a wide variety of sizes and floor plans. They include spacious living rooms, bedrooms, family rooms, fully equipped kitchens, utility rooms and dining rooms. You can select a single section or large multi-section design depending on your preferences and the total area of your home site. The size varies from about 400 square feet to 2,500+ square feet and can be easily customized. See our recent post on finding the best manufactured home floor plans.

Warning: People often purchase homes that just fit the size of their family. Always try to aim a bit bigger. Your family may grow in number but will always grow in size. Look to expand into your home not cram into it.

2. List the interior features you need and want. Know the difference. 

With most manufactured homes you can design the interior to include walk-in closets, whirlpools, custom cabinets, wood burning fireplaces and recessed bathtubs. Nowadays, most manufacturers use computer-assisted planning which offers a bit of control especially when choosing variations of décor and floor plans. This also allows you to choose from a selection of different exterior designs depending on your style and budget.

Most mobile home dealers and parks have model homes you can walk through to get a sense of those features. But even if you’re looking at a pre-owned mobile home, it’s important to know the features you cannot live without verses the features you simple want. Knowing this BEFORE you look is helpful.

3. Chose the right exterior design. 

You can select from a variety of different exterior designs. However, this depends on your taste and budget. Exterior siding is available in a wide range of colors and materials including wood, metal, and vinyl. Other exterior features such as patio covers, steps, decks and awnings are also available.

Aesthetics is critical to most home buyers. So if you know what you don’t like. It will help save you time and money in the long run.

Source: Palm Harbor Homes

4. Check with state law for future planning.

It’s important to check whether you can move your home to a different location or a different state. You should also find out about any state laws covering the transportation of manufactured homes such as width, size, and weight limitations and licensing fees.

5. Pick the appliance package.

Most manufactured homes come equipped with a refrigerator and range. However, some appliance packages may also include trash compactor, built-in indoor grill, washer/dryer, garbage disposal, microwave, oven, and central air conditioning.

Source: Skyline Homes

6. What are the energy efficiency options?

Your energy package should be designed for the climatic conditions of the area where your home will be located. Some of the optional energy packages include sheathing products, double or triple-glazed windows, self-storing storm windows, increased insulation, high-efficiency furnaces, air conditioners, refrigerators, and water heaters.

7. Determine what warranties the home and products have.

Manufacturer’s Warranty

Warranties may vary among different home manufacturers. Therefore, it is very important to compare warranties on the new manufactured home that interests you before buying. The retailer will make the manufacturer’s warranty available to you and it’s essential to read it in order to ensure that the home you want to buy is covered by the warranty protection you desire.

The manufacturer’s warranty may cover substantial defects in:

• Factory-installed heating, plumbing and electrical systems.
• Workmanship in the home
• Factory-installed appliances

However, the manufacturer’s warranty will not cover problems resulting from accidents, poor installation and maintenance, unauthorized repair and owner’s negligence. Therefore, in order for the manufacturer’s warranty to be honored, the manufacturer’s instruction for installing, repairing and maintaining your home must be followed carefully.

Retailer’s Warranty

Retailers may also offer warranties on mobile homes. The warranty typically tells you the terms of the warranty, things that must be done in order to keep the retailer’s warranty in effect and what you can expect from the retailer. It also guarantees that optional equipment and appliances have been properly installed.

Ask for the retailer’s warranty before purchasing your manufactured home to see exactly what it covers and what it does not cover.

Appliance Warranties

Besides coming with care and use manuals, the appliances in your manufactured home will also be covered by different warranties provided by the appliance manufacturer. Although not everything will be covered, it is extremely essential to read all the appliance warranties available and note the terms and duration. Sometimes the quickest and most reliable service can be obtained from the individual manufacturer’s service centers or agents.

Related: Buying a Manufactured Home: Warranties and How to Handle Issues After the Sell

8. Know your style and price range.

There are manufactured homes to fit almost every budget; some for people who want low cost homes and other models that feature higher-priced features such as formal dining rooms, wood burning fireplaces and cathedral ceilings. On the other hand, the home can be a large multi-section unit or a single-section unit.

A single-section home usually comes as a single unit and a multi-section home comes in at least two parts that are joined at the home site. Therefore, you have the opportunity to choose from a very wide variety of manufactured home styles.

Which knowing the price to purchase is important for you and in the event you ever need to sell your mobile home fast in the future.

Source: Palm Harbor Homes

9. Determine the best location before you buy.

Before you choose and buy your home, you need to decide where you want it to be located.
There are 2 main options:

Placing your manufactured home on a piece of land you own.

Some of the factors you need to consider when you choose this option include zoning laws, hookup regulations, and restrictive covenants. These restrictions may prevent people from placing manufactured homes in particular areas. Knowing how much it cost to move a mobile home can help determine if this is not an option as well.

Placing your home in a manufactured housing development home site.

This option usually involves fewer problems. You simply need to find out what different communities offer including financial aspects such as installation costs, rental costs and miscellaneous service charges.

You also need to find out the community’s rules and regulations or any special restrictions and requirements when you sell your house.

Conclusion

These are just some of the factors needed when buying a new manufactured home. Knowing the answer to these will certainly help you in the long run. But more importantly, give you the best return on your investment as you settle into your new home with a piece of mind. Knowing you did the research and knew exactly what you were looking for.

See more articles about buying a new manufactured home here. 

Thank you for reading Mobile and Manufactured Home Living!

A manufactured home floor plan is an invaluable tool for potential home buyers. In the US alone, there are dozens of manufactured home builders offering hundreds of different models.

Using information provided on the model’s floor plan can help buyers determine the best home for their needs quickly and easily.

…the floor plan is a treasure map, written in a symbolic language and promising the fulfillment of a dream.

Housplans.com

In this manufactured home floor plan guide we will cover:

• popular floor plan options
• how to read a manufactured home floor plan
• popular trends in manufactured home design
• how to choose the best manufactured home floor plan
• customizing a manufactured home floor plan

Manufactured Home Categories

There are two basic manufactured home categories: the single section and the multi-section.

Single wides and park model homes are classified as single section homes. They come out of the factory completely enclosed and intact on a single chassis.

Double wides and triple wides are considered multi-section homes. A double wide is basically two single sections, each on their own chassis, and are joined together on the lot. A double wide has two independent chassis that are finished on three sides and attached together. Triple wides have three separate chassis that are combined together.

Popular Manufactured Home Sizes and Prices

In 2015, the average manufactured home size was 1,430 square feet. The average price of $68,000. 

Average Manufactured Home Price and Size in 2015

Single Wides

The sizes available for each chassis is limited to ‘wide load’ highway restrictions but that shouldn’t restrict buyer’s options much. A single section manufactured homes are available in lengths up to 80′ and widths up to 18′ in most states (a few states do not allow the larger sizes to be transported on their highways).

The most popular single wides in 2015 are between 1,092 – 1,216 square feet with dimensions around 16′ wide and 76′ long.  Source.

Double Wides 

Buyers like double wides in the 1600-2400 square foot range. The most popular model, 28′ wide by 60′ long, provides 1680 square feet.

What is a Floor Plan?

A manufactured home floor plan tells us so much about a home! It’s basically a map showing the most important details of a home’s layout.

Information about placement, dimensions, features, and construction notes are usually conveyed on a manufactured home floor plan. Palm Harbor’s Vista Ridge model is represented well with the floor plan and an image of the completed home. The two images reveal a ton of information about the home.

Remodel or Move defines a floor plan as:

A floor plan is a scaled diagram of a room or building viewed from above. The floor plan may depict an entire building, one floor of a building, or a single room. It may also include measurements, furniture, appliances, or anything else necessary to the purpose of the plan..

 

3D Floor Plans and Virtual Tours

A virtual tour allows potential buyers the personal experience of walking through the home without actually needing to visit the lot.

Many manufactured home builders are now offering buyers a more detailed experience via computerized 3D (three-dimensional) floor plans and virtual tours.

Click here to experience Cavalier Home’s Oaklawn Model via virtual 3D manufactured home floor plan.

Oaklawn Model by Cavalier Homes

What Makes a Good Manufactured Home Floor Plan?

A well-designed manufactured home meets the needs of the family. It has good flow between the rooms and the furniture within the rooms. Rooms are properly proportioned. Windows allow ample sunlight.

A good manufactured home floor plan is the same as a good site-built home floor plan – it works for the family and provides them space to live effortlessly.

How to Read a Manufactured Home Floor Plan

Manufactured home floor plans show shape, dimensions, room sizes, built-in placements, and layout of the home. In short, a floor plan is a two-dimensional drawing or map of the home.

As with maps, a manufactured home floor plan uses a legend.

Plan Symbols – Legend

A legend is a list of the symbols used on the manufactured home floor plan to convey detailed information such as scale, walls, windows, doors, bathtubs, counters, and appliances.

Source:Get a list of regularly used floor plan symbols here.

Scale and Proportion

Some manufactured home floor plans offer scale and proportion information. This is usually stated like this:

Scale:  1/4″ = 1′

Learn how to calculate the actual size of a manufactured home using scale information. 

Elevation

The elevation of a manufactured home may not be a part of the floor plan but it is usually attached to it. ‘Elevation’ helps buyers envision the home after installation. The image above from Palm Harbor Homes is a good example of an elevation image.

Walls, Windows and Doors

Walls, windows, and doors are portrayed in a manufactured home floor plan using particular lines, symbols, and patterns. The image below is just a small sample of the many symbols used in a typical floor plan. Click here to see a detailed list of symbols. 

Outdoor Features

Manufactured home floor plans typically only show outside features such as porches or decks if they are built onto the chassis. In the manufactured home floor plan below you can see the porch on the top middle of the page.

Source

Abbreviations

In addition to the symbols and lines on a manufactured home floor plan, buyers may see abbreviated words used such as:

• B/I = Builtin
• Col = Column
• CT = Ceramic Tile
• D = Door
• HW = Hot Water Unit
• SD = Sliding Door

Click here to see a complete list of abbreviations used in modern floor plans.

Houses are just like people –  it’s easy to fall in love with them based on the outside, but the true measure of their worth isn’t skin deep – it’s what’s on the inside that counts! Houseplanology.com

Popular Floor Plans

Manufactured housing has started many new trends in home design and construction. Dozens of architects, designers, and builders competing against each other to offer buyers better choices.

Source

Open Floor Concept

An open floor plan, called a free plan, has been popular with buyers for a few years now.

In both single wides and multi-sectional homes, it is popular to place the shared living spaces (living room and kitchen) together. Only a breakfast bar or half wall typically separate the two spaces.

Open floor living still provides ample privacy in the bathing and sleeping quarters. Reduced building costs and better lighting are two great reasons to chose an open floor plan.

Master Bedroom Suits and Mother-in-Law Suits 

A master suite is when a full bathroom and a (typically walk-in) close are built into a master bedroom.

Mother-in-law setups separate the master bedroom from the other sleeping quarters, oftentimes on the other end of the home. This provides parental privacy, a valuable thing to have in a larger family.

Source

End Kitchens

There’s only so many designs available in a rectangle. Putting the kitchen on the end of a mobile home first appeared in the 1950’s. The mid-kitchen design eventually became the most desired home design but we’re seeing end kitchens make a comeback.

Having an end kitchen allows the space to have windows and doors on three walls instead of two. More windows allow more sunlight and help create a sense of spaciousness.

Integrated Outdoor Spaces 

Another popular manufactured home floor plan option is integrated outdoor spaces. Adding a covered porch onto a manufactured home’s chassis makes outdoor living spaces attainable on smaller lots. The Skyline Home below has a fairly large integrated outdoor space on one end.

The SkyRanch “The Kerr” Manufactured Home has 1932 square feet of living space, both indoors and outdoors.

Small Footprint, Large Living

Being environmentally friendly is a popular motivation for manufactured home buyers.  They want a small energy footprint while still living large. Luckily, that’s absolutely possible. Energy Star certified manufactured homes are available from the majority of builders.

Walk-in Storage Space 

Walk-in storage is another popular manufactured home design trend. Buyers want organized walk-in pantries and closets throughout the home.

Which Manufactured Home Floor Plan is Right for You?

Buyers will need to take a close look at lifestyle, health, and future family needs when choosing the best floor plan. A smart floor plan allows family members to flow from one room to the other easily and maximizes space.

A floor plan will impact every aspect of a family’s life so it’s vital to find the right one. Below are a few questions that buyers should consider when choosing a manufactured home floor plan:

• Does your family congregate in the kitchen or the living room most?
• Do you have a need for a formal dining room?
• Do you want a single living room or a living room and separate family room or den?
• Do you need an extra bedroom? An office or workshop?
• What are your favorite activities or hobbies when you’re at home? What type of space is needed?
• Do you or anyone in your family have mobility or health issues?
• Is an outdoor living space, or covered porch, important enough to you that you are willing to lose interior living space?
• Are built-ins something you want? Would you rather use furniture in the home?
• Will your furniture fit in the new home? If not, are you willing to buy new furniture?

Land Restrictions and Views 

The shape and layout of the land are more important than you may realize. Mature trees, walkways, garages, and utility restrictions will need to be considered.

Think about the views from each room. Which room takes advantage of that view best?

Sun and shade are important factors to consider as well. Does the layout of the home allow the sunlight to help heat the home in the winter? Is there shade to help cool the home in the summer?

Planning for the Future  

If you’re young family or there’s a chance that an elderly parent will need to move into your home you may want to consider an extra bedroom. Building an addition onto a manufactured home is expensive!

When planning your dream home, there is a tendency to value the unusual occurrences (greeting important guests at the entry, hosting a wedding dinner…) and less about the regular daily use (taking off muddy boots, paying the bills).  A truly successful home feels great every day. Houseplans.com

Customizing a Manufactured Home Floor Plan

Most manufactured home builders offer upgrades and customizations though to what extent depends on the model.

• Decor Package

The decor is easily changed in a manufactured home. Wall decor, flooring, cabinetry, countertops, and backsplashes are often changed by buyers when ordering a new home.  Fleetwood Homes include different decor design boards with their floor plans to help buyers choose the surface material and color (above left). Cavalier Homes offers buyers an online design center that gives them multiple choices for paint, flooring, drapes, and wallboard (above right).

• Flipping or Mirroring a Manufactured Home Floor Plan

Flipping a manufactured home floor is often done to maximize views.

• Moving Walls or Increasing Room Size

Buyers can increase room sizes by moving walls if architectural schematics allow it.

• Upgraded Appliances

• Installing Fireplaces

Summary

Floor plans are a great tool to choose the right manufactured home.

Now that you understand more about manufactured home floor plans you should be able to find the model that best suits you and your family. Best of luck!

Thanks so much for reading Mobile and Manufactured Home Living!