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Old 03-27-2008, 10:04 AM
 
Location: Delaware Native
9,721 posts, read 14,260,591 times
Reputation: 21520

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Quote:
Originally Posted by elizamary View Post
LOL.............Charley and Eliza are the sissy's and Delly is the one with foot in mouth.
Seriously...........in due time you will make real del's out of us yet.

Yes, stop reminding me, Elizamary I'm always putting my food in my mouth!

 
Old 03-27-2008, 11:41 AM
 
16,199 posts, read 11,671,039 times
Reputation: 28859
Quote:
Originally Posted by Delly View Post
Yes, stop reminding me, Elizamary I'm always putting my food in my mouth!
Okay.............I will behave For now
 
Old 03-27-2008, 12:55 PM
 
Location: Delaware Native
9,721 posts, read 14,260,591 times
Reputation: 21520
Oh, Geezzz.........I mean FOOT, and also FOOD!
 
Old 03-27-2008, 01:04 PM
 
16,199 posts, read 11,671,039 times
Reputation: 28859
Quote:
Originally Posted by Delly View Post
Oh, Geezzz.........I mean FOOT, and also FOOD!

LOL..........I wouldn't of noticed if you didn't say anything. Yeah, I'm a brain dead sissy.
 
Old 03-31-2008, 12:53 PM
 
Location: Edgewood, Maryland
392 posts, read 990,802 times
Reputation: 375
Default Tea and Wine

Delly........took a ride Saturday to Pizzilli Vineyards. Hubby bought some wine. I imagine it's beautiful in the spring. Seems to be a very relaxing place to just sit and watch the ducks.

elizaMary........you mentioned the Victorian Tea Room. I would love to go but right now I don't have the time. We make fast trips on the weekends for now but I'll be spending an entire week last week of August. I could even wear my red hat . I'm a member of the Red Hatters.
 
Old 03-31-2008, 02:11 PM
 
Location: PA
53 posts, read 117,149 times
Reputation: 44
Default Reverse Mortgages

Delly

Your info on mafunfactured homes and refinancing was very helpful. I was wondering if you purchase a home in places like Nobles Pond, Wild Meadows or Barclay Farm if you are able to take out a reverse mortgage on them.

I have just joined this site and I can not believe all the helpful info there is. I am still about two years away from joining everyone down there but I do spend all my time researching the different communities.

This is my first post so I hope I did it right.

Kathy
 
Old 03-31-2008, 02:28 PM
 
19,922 posts, read 11,043,012 times
Reputation: 27395
Quote:
Originally Posted by kc50down View Post
Delly

Your info on mafunfactured homes and refinancing was very helpful. I was wondering if you purchase a home in places like Nobles Pond, Wild Meadows or Barclay Farm if you are able to take out a reverse mortgage on them.

I have just joined this site and I can not believe all the helpful info there is. I am still about two years away from joining everyone down there but I do spend all my time researching the different communities.

This is my first post so I hope I did it right.

Kathy
Hi Kathy,

That's probably a question you'll need to ask them at Nobles Pond first. Since you own the home, but not the land, I'm not sure what the "reverse mortgage" implications would be. I would think that anything you can mortgage, you can reverse mortgage, but I don't know this as a fact and suggest you ask Nobles Pond - and check with your bank also to see if they have policies about homeowners who do not own the land.

When you find out, if you can share that info with us, you'll help to education others. Thanks.

Charley
 
Old 03-31-2008, 02:55 PM
 
Location: Looking East and hoping!
28,227 posts, read 21,848,116 times
Reputation: 2000000995
Not sure - but know when I did mortgages in NJ there were retirement villages where you leased the land,they were considered co-ops there,so they had to be cash only purchases-banks wouldn't do financing. With all the new products out there things may have changed.

Charley's advice is right on-check builder and banks.
 
Old 03-31-2008, 03:04 PM
 
Location: Delaware Native
9,721 posts, read 14,260,591 times
Reputation: 21520
Quote:
Originally Posted by CaroleM View Post
Delly........took a ride Saturday to Pizzilli Vineyards. Hubby bought some wine. I imagine it's beautiful in the spring. Seems to be a very relaxing place to just sit and watch the ducks.
That's great, Carole! I loved it there, also....and have been 3 times to visualize how our event will work out.

KC50down.....In my opinion, a reverse mortgage on your home has nothing to do with the developer, since a reverse mortgage does not put a lien on rented land, just on your home. In Barclay Farms, I know some people who've had reverse mortgages on their units, and they are doublewide manufactured homes on permanent foundations. Nobles Pond puts modulars on their lots, as you know. It actually is up to the lender, and lenders are doing some very creative financing these days. I suppose it wouldn't hurt to ask the developer, and perhaps there is a clause in some homeowners associations and lease documents not allowing that. The jury is still out on these types of communities, because they are relatively new here in Delaware. I attended a class last week, just on leasehold communities, and the attorney was playing devils advocate. Some of the scenarios he offered up for discussion made my toes curl. So, walk gently, ask a lot of questions, and read the fine print. Each community has their own set of docs.
 
Old 03-31-2008, 04:05 PM
 
16,199 posts, read 11,671,039 times
Reputation: 28859
Hello all,
What I know from buying a manufactured (mobile) home is you probably can not get a reversed mortgage.
Like Carole said "Not sure - but know when I did mortgages in NJ there were retirement villages where you leased the land,they were considered co-ops there,so they had to be cash only purchases-banks wouldn't do financing. With all the new products out there things may have changed."
This has not changed. We took a small mortgage on this home and had to go through a finance company that dealt with mobile homes.
Now, Nobles Pond is a modular which is different than Barclay Farms and Wild Meadows. not sure about this situation.
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