Reverse Mortgage Equity Loan … or you can buy a “new” home to parents?

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My parents are sick current home, too careful and difficult to move in (2 storey home in progress … only one floor). Want Neuanfang.Der value of their home (real) is about $ 55,000. Home is looking for you 97 million, € 000. Dad said, a small mortgage payment ist.Was for this? You are 80 + years, the credit accounts very well paid in full each month. Current 2-story house was worth 14. Stay in the same Stadt.Lassen me another detail you need to know and / or other programs are known to you. They live in Texas, Collin County.071409 6:33 landlord – thank you specify! I get a lot like stress disorder of concern for them, I think I need people and brothers and sisters of the idea you should sell the old farm, where they all want Ma and Pa in housing Decent for their years!

3 Comments
  1. Reply
    Landlord
    January 26, 2011 at 4:42 pm

    They will not be able to get a reverse mortgage, as those require that they live in the house, they can not move out of it without paying it off.

    As the new home costs more then the old they will not be able to get it with an equity loan.

    The best thing would be to sell it and buy the other one, or simply buy the second one and rent this one out for income.

  2. Reply
    kemperk
    January 26, 2011 at 4:48 pm

    you can either sell this home
    or
    trade it for /with someone who lives where you want to live and
    in the ideal situated/sized home.

    I can legally help. or I can find you a buyer’s agent.
    no cost for you

    you can also play a silly game;
    get a reverse mortgage on the house you are in
    and use the cash to do a lease -purchase on where you want to be.
    [if you did that, then, if the loan does not prohibit it, you can
    use that RA cash to make the payments on the new house.]

  3. Reply
    Autumn
    January 26, 2011 at 4:55 pm

    Hey I know a lot of people go to the banks for Home Loans or to get a 2nd loan, or equity, but my sister has her own Brokerage/Real Estate and Wholesale Loan company, has been around for years, and always gets my friends and families the lowest rates and the best part is she is super honest about it and tells you exactly how it will look, etc. She won’t let you sign something if it is going to hurt you down the road etc which is a sign of character. Her name is Liz Friedman and her email is Liz_Friedman_Inc@Yahoo.Com and if anyone has any questions she can help you. (She can do loans, equity , etc , licensed in ALL states)

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