Financing - "umbrella" mortgage -- Oman
From: Fred H Olson (
Date: Wed, 14 Aug 2002 13:05:02 -0600 (MDT)
Michael Oman , MFO337 [at] 
Wild Onion Cohousing Underhill Center, VT
is the author of the message below. 
It was posted by Fred the Cohousing-L list manager <fholson [at]> 
because the message included HTML ;      PLEASE do not post HTML, see
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Dear Cohousers,

I am a member of a fledgling cohousing group in northwestern Vermont.  We are 
in the early stages of trying to make our project happen and one of the 
questions that keeps coming up is financing.  We seem to be able to get most 
of the answers that we need from standard sources, but there is one area that 
has eluded us.  Specifically, does anyone have any experience with an 
"umbrella" mortgage (i.e. a situation in which the corporation gets the total 
mortgage and is collectively responsible for performance on it, but issues 
individual mortgages to the community members)?  It seems that this sort of 
arrangement could have distinct advantages (especially in enhanced 
"affordability" options) as well as disadvantages.  Has anyone used such an 
arrangement and could you share your experience?

Michael Oman
Wild Onion Cohousing 
Underhill Center, VT  

Fred H. Olson  Minneapolis,MN 55411   (near north Mpls)
fholson [at] 612-588-9532 (7am-10pm Cent time) 
List manager of Cohousing-L & Nbhd-tc  Ham radio:WB0YQM          
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