Financial Advise for Us
What Is A Reverse Mortgage
Reverse Mortgage or Equity loan?What is the best, least confusing and fastest way to sell a senior’s home?
My grandma is near 80 and my granfather is mentally gone.She doesnt want to be in the house when people are viewing her home.So, I think the best way is for her to see the home she wants to buy, get a mortgage for it, move and THEN sell her home. It is just my dad an I helping her.Any advice?
Yes, grandma wants to sell her home and move to either a senior community or a new home all together.
Her house is paid for.
Yes, there are many opportunities for elders to get taken advantage of in Reverse Mortgages, so consult a real estate attorney and/or advisor before doing any reverse mortgage.
The most common practice when buying a home is to make an offer on the home you want to buy ‘contingent’ on the home you own selling first. That means you’re not stuck with the financial responsibility for two homes. That does however mean you have to have folks coming into your home to look at it while your grandparents are still living there. So it might not be possible for your grandmother to get your grandfather out of the house on a moments notice when a real estate agent wants to show the house. If your grandparents are financially capable of buying one house, and then selling theirs, that might be best in your situation. Make sure there is no penalty for early payoff of the mortgage, if they intend to pay off the new mortgage with the proceeds from the sale of their home. Some reputable builders offer something called a home trade program, where they will buy your home when you buy theirs. Most will pay close to fair market value. At least 90% of FMV is usually fair to allow them to pay expenses, etc.
Best advise, get a professional realtor to walk you through it.
Reverse Mortgage Tips
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How You Can Sell Reverse Mortgages By Telephone And Triple Your Sales! It’s not hard to triple your sales with my methods and strategies because most loan officers are making fatal mistakes that are killing their production.If you are a loan officer, manage loan officers, or set appointments for loan officers, this book will change your financial life. Big promise I know. But it’s based on years of training top producers in various reverse mortgage companies.The … |
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The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income $4.34 The New Reverse Mortgage Formula explains reverse mortgages in easy language so seniors and their family members can fully understand and benefit from these useful loan products. Reverse loans allow seniors to convert part of their home equity into tax-free income, letting seniors easily borrow against the value of their home without selling it. Safer than ever, today’s reverse mortgages are non… |