2006-11-06 01:46:29 · 13 answers · asked by peter j 1 in Business & Finance ➔ Renting & Real Estate
Look at a reverse mortgage. Look up providers on-line.
2006-11-06 01:48:20 · answer #1 · answered by Joe S 6 · 0⤊ 1⤋
Depends on your age at the moment. If you are over 55 you may want to consider equity release. If you are under this age then these types of companies should be avoided at all costs as they tend to give you way under the value of your property and create lots of clauses reagrding your tenancy which are never of a benefit to you.
If you are really stuck try to perhaps create a 2nd charge on your property (ie: homeowner loan) but be warned their rates tend to be high and if you dont pay then you risk losing your home altogether.
Overall though, yu shoudl always get indenpendant financial and legal advise before making major desicions.
Good luck
2006-11-06 23:49:37 · answer #2 · answered by Sophia 2 · 0⤊ 0⤋
i would recommend you get financial advice on this so you dont end up practically giving your house away to some cowboy company. look up "independent financial advisers" in the yellow pages - some of them will give you a free consultation and can recommend a company you can use by comparing all the different companies on the market. Some of these advisers work on commission, meaning that the advice is free to you, but if you take out an equity release policy, the company you use will pay them, hence it doesnt come out of your pocket. good luck
2006-11-06 01:55:46 · answer #3 · answered by monkeynuts 5 · 0⤊ 1⤋
Talk to a lawyer, My grandma was in the similar situation, she sold her house to a relative but in the deed she was listed as having life estate, meaning she can live there her entire life, even though someone else owns it. Even if they are to sell it you are still in the deed and it basically is sold with you included.
2006-11-06 02:20:44 · answer #4 · answered by strtat2 5 · 0⤊ 0⤋
That is a life tenancy. See a lawyer to get it written up.
Some charities can help you get that going in deals where they become the owner and pay you for the house at a negotiated price.
2006-11-06 01:50:12 · answer #5 · answered by Rich Z 7 · 1⤊ 0⤋
The four types of Reverse Mortgage programs information: http://www.reversemortgage.org/Default.aspx?tabid=231
HUD Reverse Mortgage information: http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
HUD required form application for reverse mortgage application including Fannie Mae http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=04-$%5Bno%5D&op1=AND&SECT1=TXTHLB&SECT5=MLET&u=./hudclips.cgi&p=1&r=37&f=G
Buena Suerte
2006-11-06 01:57:22 · answer #6 · answered by newmexicorealestateforms 6 · 0⤊ 1⤋
Hi Im a Real Estate agent in Orange County,CA
my toll free number is 1(866) 825-9618
Feel free to give me a call Im looking to buy a house
2006-11-07 13:34:25 · answer #7 · answered by The O.C Real Estate Agent 2 · 0⤊ 1⤋
You need to go to an attorney, and get all paperwork and what you will be looking for in the contract is a lifetime stay clause. (you will need to work on maintenance agreements and etc... during this process and I have heard of it being done before)
2006-11-06 01:53:05 · answer #8 · answered by southernboy 4 · 1⤊ 0⤋
I have heard of something like this. Why dont you ask a realtor? I mean you have computer so just look up a local realtor and ask how this can be made possible. I think it is only if you have a certain amount of time to live.
2006-11-06 01:50:54 · answer #9 · answered by lisapj 3 · 0⤊ 1⤋
I recently saw an advert for a company who buy your property from you, then rent it to you, basically giving you the equity back on the property. I can't remember the name of the company, but perhaps this is something that can help you to look further into it?
2006-11-06 01:48:06 · answer #10 · answered by ashypoo 5 · 0⤊ 2⤋