Replace Your Manufactured Home
With No Upfront Cash And
No Monthly Mortgage Payment
only from sequoia
Many mobile home owners would like to purchase a replacement manufactured home but don’t have the ability to come up with the cash required. Sequoia works with qualified owners so they can buy a brand new home with no upfront cash and, for many, no future monthly mortgage payments!
Sequoia’s Manufactured Home Replacement program helps existing homeowners who enjoy where they live and desire a new manufactured home, but lack easy access to upfront funds to pay for the purchase and installation. We handle everything. All you do is arrange your temporary relocation and the storage of your personal property during construction.
How The Program Works
Home Replacement – Step By Step
Step 1. Pre Qualify for a Permanent Mortgage We establish what your new home can cost based on a permanent mortgage’s Principal Amount. We secure a pre-qualification letter from a mortgage company. If it’s a reverse mortgage and this is your primary residence, you will never make a monthly mortgage payment.
Step 2. Design Your Dream Home Working with Sequoia and an approved manufactured home dealer, you design the home of your dreams complete with a modern kitchen, tile baths, an extra bedroom, a front porch or a garage. Today’s modern, energy efficient manufactured homes have an endless array of design options.
Step 3. Establish Your New Home’s Completed Cost & Future Value Sequoia secures an estimate of future value from a licensed real estate appraiser (we pay for this).This allows us to estimate future long term financing options. We compare the new home’s cost with the Principal Amount in Step 1 to prevent
Step 4. You Sign a Home Replacement Agreement with Sequoia This Agreement authorizes Sequoia to purchase your new home in our name and install it on your property. In the agreement you agree to follow through with the permanent mortgage financing that you have already qualified for.
Step 5. Complete the Permanent Mortgage, move in and you’re finished! Sequoia is paid off and the title to the new home is transferred to you. Sequoia’s Home Replacement Program helps homeowners acquire their replacement home without cash, borrowing construction funds or dipping into savings or retirement accounts.
Improve Your Property Values & Equity:
Some senior homeowners choose a reverse mortgage to pay off their new home if it is their primary residence. Reverse mortgages require no monthly mortgage payment (property taxes, HOA fees and insurance are the owner’s responsibility). People who qualify for this option move in with no cash out-of-pocket and then reside in the home with no monthly mortgage payments!
Homeowner and property qualifications exist. Your property should be free and clear and you must qualify for a mortgage after the home is replaced. The home must be your primary residence if you desire an FHA mortgage or a reverse mortgage. Sequoia’s Home Replacement Program often improves property values and equity.
Here’s an example:
|Completed Appraised Value:||$360,000|
|Reverse Mortgage Proceeds:||$180,000|
|Cash Required from Home Owner:||$0.00|
|Monthly Mortgage Payment:||$0.00|