OK, so the in-laws are getting older, and my mother in law will be retiring in about a year, father in law has been retired for a few years now. These two are about as non-mustachian as it gets, and they have drifted along their entire life, never really worrying about their future, and filing for bankruptcy several times along the way. They have lived in my grandmother in law's basement apartment their entire lives, paying about 1/4 of market rent, and still just could never make ends meet.
Their children both live here in TX, while they currently live in metro NYC. My mother in law has medical & weight issues, she simply won't last living that lifestyle for much longer, so on a visit here recently, we toured the local low-income housing apartments for seniors. These communities out here are so nice, it makes me wonder why we are all working so hard for our retirements! (Kidding of course, but also blown away by the amenities.)
Even with both of their SSA Incomes, their finances are going to be tight, even more so since they probably will not adjust their spending habits even though their income will be far less. We've tried for years to show them a better way, it's just not ever going to happen. My mother in law is already getting anxious over some financial moves she needs to make now to facilitate moving, and I suspect that she hasn't even calculated the cost of relocating and how much of her stuff she needs to unload in order to move here in a cost-effective manner. Add to the mix that she & hubby don't really get along, they just can't afford to be divorced, and a 1 BR unit with no disposable income could be a HUGE issue when it comes to their happiness.
So, the hubby & I were looking at other options, since we created a budget for them and could see the issues that don't worry them at all ($60 left at the end of the month!). Last weekend, we did some research on mobile homes, and were actually surprised at how far they have come. For all intents and purposes, this could be a much better option for them, as a brand new single wide with decent upgrades (my mother in law is very much into looks), which is a 3 BR, 2 Ba unit, could be purchased and set into a nice mobile home community for about $70K. Getting an older home won't be an option, she loves warranties and is terrified of "unexpected" expenses.
Hubby & I are meeting w/the property manager today to get a tour of the community, but it has all the bells and whistles that compare favorably w/the low income apartments, but at a more reasonable price point. This community is gated, newer homes throughout, has a pool, clubhouse, fitness center, park, picnic area w/grills, you name it. It's also a 55 and over community, all for lot rent of $199/mo! By comparison, the 1 BR units in the low income housing would run roughly $800/mo, plus utils.
The drawback we've seen so far is that this community is in a more rural area. It's growing fast, but a car would be a necessity. We would help them find an older compact car, so they would still come out ahead this way.
Anyone have any experience with mobile homes and mobile home communities? What are we not thinking of/missing?
Oh, and I should note the obvious - my father in law is penniless, but my mother in law managed to accumulate about $65K in her 401K by contributing $40/week for her entire life, even though she panicked after 9/11 and switched to "safer" investments AFTER her account dropped to half it's value. *Facepunch*
My mother in law also owns half of the home she lives in currently, but she has never paid any attention to managing it, so her brother has let it fall into some disrepair. He has agreed to buy her out though, b/c he can rent out her apartment for 3-4x what she pays him in rent, which would more than cover the cost of him taking out a mortgage to buy her out. They haven't settled on a final price yet, but it looks like $225 - $250K will be her share. She has agreed to let us manage the funds for her, so after paying for the mobile home/car/moving, we would put it in an investment account. It's not our money, so she would still have full rights to do what she pleases, but we have tried to drive home the point that this should not be considered spending money, if her husband passes before her, she will need to draw down from that account to continue supporting herself. Both are in their mid/late 60's, so they still have plenty of life left and no other windfalls to save them!
I would appreciate any insights, experience you may have had with certain manufacturers, anything at all. Thank You. :)