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Reverse Mortgages to buy a house?



 
 
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  #1  
Old March 10th 11, 08:34 PM posted to misc.invest.real-estate
Lamumba
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Default Reverse Mortgages to buy a house?

ever bought a house using a R.M.?
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Karma, What a concept!
  #2  
Old February 18th 12, 11:54 AM
Laeeqahmad Laeeqahmad is offline
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First recorded activity by InvestmentBanter: Feb 2012
Location: Mississiauga, Ontario, Canada
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Reverse Mortgage is a growing idea these days. It means that one can take loan against the property and in return no repayment is required till the person dies or the property is being sold.

For mortgages and real estate property, I have over 10 yrs of experience. Laeeque Ahmad, Mississauga

Last edited by Laeeqahmad : February 20th 12 at 04:41 PM.
  #3  
Old February 28th 12, 07:21 AM
leonkai04 leonkai04 is offline
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In case the senior citizen or individual with reverse mortgage can sell his home, then he can purchase a smaller or larger home in case he wishes to. The original home should be paid off with reverse mortgage depending on the loan amount and only he will be eligible to sell his house. If an individual wants to sell his house then he should pay the full loan amount that is received first. The idea is not favorable as one may not be able to pay off the whole loan amount, hence most of them don’t opt for selling their house.
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Last edited by leonkai04 : February 28th 12 at 07:33 AM.
  #4  
Old March 8th 12, 10:52 AM
Andrew Kramer Andrew Kramer is offline
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Wink

Thanks for giving up useful ideas
 




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