w3ozwizard wrote:
Thanks for advice folks but 3 daughters with college educations paid for by the bank of daddy so there is already a second mortgage so that is not an option. So minimum cash flow for a MH per month is a must. Still wondering if anyone actually got a 12 year loan through Cruise America financing. Or is that just BS?
Take the 2nd mortgage to the bank (or another bank with better rates), tell them you want to refinace it, extend the term, and cash out about {insert amount here} dollars. If you want separate payment books, take out a 3rd mortgage. It's all based upon your credit worthiness and ability to pay.
At one point I refi'd the same equity loan 3 or 4 times over 15 years when I bought new cars. I didn't want an equity line of credit - different animal, balloon payments, not for me. I wanted a payment book and deductable interest on my federal tax form. One can't do that with a car loan, so I just kept extending my home equity loan. It is very doable. Just don't over-extend yourself.
