live there ,until you die ,and so on .....has anyone done it and what do you think
2006-10-02 08:41:22 · 11 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
the house is bought out
2006-10-02 08:45:01 · update #1
we are in our 60swith family settled ,
2006-10-02 20:45:08 · update #2
It's called a reverse mortgage - usually only available to retired seniors.
http://www.reversemortgage.org/
2006-10-02 08:50:51 · answer #1 · answered by birdistasty 5 · 1⤊ 0⤋
There was an advert on TV the other night about a cmpany that did this. It buys your house, for a price much lower than market value and then you rent it off them.
I would be wary of these schemes, you would need to find out a lot more details and go over the small print with a fine tooth comb.
2006-10-02 15:45:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is a program out there for the elderly, But I've heard it not a good way to go. Be very careful They are there to make a lot of money that kind of thing.
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2006-10-06 05:41:39 · answer #4 · answered by the baldchemist 3 · 0⤊ 0⤋
No, I've never heard of that.
If you can't afford your payments and may foreclose, then the bank may purchase your house from you so it doesn't go into foreclosure, but you will have to move out.
Hope this helps!
2006-10-02 15:43:51 · answer #5 · answered by rita_alabama 6 · 0⤊ 0⤋
yes, many banks have a program called Reversed Mortgage. They pay you to live in your home if it is clear of debt. The bad thing is when you die, it becomes their property, no money is given to your survivors.
2006-10-02 15:49:25 · answer #6 · answered by Midwest guy 4 · 1⤊ 0⤋
Some insurance companies do that. They will buy your house and rent it back to you. Useful for retired people, but not so good if you are still only young.
2006-10-02 15:51:05 · answer #7 · answered by Les 3 · 0⤊ 0⤋
They do not buy your house. You still own it. It is called a reverse mortgage. You have to be a certain age to qualify for it.
2006-10-02 15:50:06 · answer #8 · answered by WJVV 4 · 0⤊ 0⤋
sounds like a variant of equity release
2006-10-02 15:50:14 · answer #9 · answered by Mark J 7 · 0⤊ 0⤋
Yes, its called renting. they make any profit you pay the rent.
2006-10-02 16:21:49 · answer #10 · answered by MSMORTGAGE 3 · 0⤊ 0⤋