Debt consolidation for manufactured homes involves using the equity in your home to combine multiple debts, like credit cards, personal loans, or medical bills, into a single, more manageable loan. This can simplify your finances and potentially lower your overall interest rate.
How It Works
If you own a manufactured home (especially one on owned land), you may be eligible to refinance your existing mortgage and “cash out” some of your equity to pay off other debts. This turns multiple payments into one monthly mortgage payment.
Key Factors to Consider
Home Equity: The more equity you have, the more you can potentially borrow.
Loan Type: Some lenders offer cash-out refinancing or personal property loans specifically for manufactured homes.
Credit Score: A higher score improves your chances of qualifying and getting better rates.
Home Age & Type: Many lenders require the home to be a multi-section (e.g., double-wide), newer than 20 years, and permanently affixed to land.
Benefits
One predictable monthly payment
Potentially lower interest rates
Streamlined finances
Risks
Extending your debt term could increase the total interest paid.
Your home becomes collateral—missed payments could lead to foreclosure.
In Maine, lenders such as Northeastern Housing Services specialize in debt consolidation for manufactured homes, offering terms up to 30 years and no PMI requirements.
Don’t hesitate to get in touch with us today to discuss further!