2007-07-14 09:28:13 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
check into a 'reverse mortgage'.
A reverse mortgage is something that mostly old folks go for, but I can't imagine it not being equally available to anyone. It basically means that rather than buying your house from the bank, you are slowly selling it back, month by month. In the meantime, you live in it until all of your equity is gone.
2007-07-14 09:31:15 · answer #1 · answered by Mike S 1 · 0⤊ 2⤋
List it as a "Sale and Leaseback" in the MLS.
If you pay above average rent, you should have no problem getting an investor to buy it from you.
Some buyer's will want the entire lease amount up front pre-paid.
I would agree to this ONLY if the escrow company was willing to set up an escrow account to pay the monthly mortgage.
The seller could easily buy it from you, get the entire amount of rent up front pre-paid, never make a payment, have the home foreclosed on, and you would have to move out.
DON'T PRE PAY RENT UNLESS THE TITLE COMPANY WILL SET UP AN ACCOUNT TO PAY THE MORTGAGE.
The other danger is the buyer could go and get a 2nd and a 3rd and not make payments on those loans and also go into foreclosure.
Hope this helps.
Terry S.
2007-07-14 18:29:11 · answer #2 · answered by Terry S 5 · 0⤊ 0⤋
How long do you want to stay in your home, 1 to 2 yrs? Do you want to have the option ofbuying back your home after the 1 to 2 year period?
2007-07-14 16:37:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sell it as an investment property. Tenant already in place.
2007-07-14 16:40:52 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Sell it to someone that wants to rent it back to you.
2007-07-14 16:30:25 · answer #5 · answered by glenn 7 · 0⤊ 0⤋
rent it
2007-07-14 16:34:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋