One of the big questions in the consumer finance industry is now about whether you choose a reverse mortgage or a sell and rent back option. There are a few particulars for each. First and foremost is the age factor, for a reverse mortgage you have to be over the age of 62 - no younger. A sell and rent back option has no limits on it. You may get less value from your home for a sell and rent back option but that is down to the lender usually being a smaller company, even sometimes a private individual. But it does mean you get to know them a little more personally and see if your ethos’ match. A reverse mortgage will usually be offered personally through a refinance adviser but the company who lends the money will usually be big like Wells Fargo or the like.
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Reverse Mortgages or a Sell and Rent Back Option
Wednesday, December 9th, 2009The recession and fast house sales
Wednesday, October 28th, 2009The recession has hit many people hard. Most of all because nobody expected it. Property values were soaring, home equity loans were being offered at Loan To Value Rates of 110% as both the banks and the buyers’ confidence in the market were unknockable. Now this has created a problem where people have little equity in their homes because of the high mortgages. Although some people’s equity levels are only 20%, in property terms and real money terms, this is quite a substantial amount of money. The issue is that this can easily be evaporated if the home goes into foreclosure.
If you are seriously looking to sell your house fast, then contact us and we will arrange to get you the best deal for your property, rather than see it go into foreclosure. It doesn’t matter how bad your house looks because we buy ugly houses and homes.
Trying to sell your house fast in this present market - can it be done?
Monday, September 21st, 2009With the lendors restricting their criteria when it comes to offering credit, it is difficult in these times to get a mortgage - especially for first time buyers.
So is it possible to sell a house fast in this market? Well, maybe. But you will need to offer the buyer a decent discount for him to part with his precious cash. Cash is king in a recession so the deal needs to be attractive.