DIY Reverse Mortgage?
viet nam vet.
seeking a private investor , but the learning curve is steep.
Any suggestions?
--
When the Power of Love,replaces the Love of Power.
that's Evolution.
Al Bundy
wrote:
Yea. I suggest you give people enough information to figure out where
you are going. Why doesn't your property fit the traditional formula?
If it's not worth anything, that would be one reason. Remember, the
reverse mortgage is just a gimmick to loan money. They are not giving
you money. They are loaning it one payment at a time until they get it
all back plus interest at the end. The risk is much greater and they
demand a higher reward for taking it. Investors try to spread the risk
around over many investments. Therefore, a private investor is less
likely to help you unless this is what they do regularly. At this time
it's even hard to get a car loan. You may have to wait until the
economic situation improves. The reality is that it will get worse
first.
When you want to borrow money and can't find a company willing to take
your risk, sometimes a family member will take that risk because they
know the situation and trust you more than a stranger. Sometimes grown
children will take on a reverse mortgage for a parent, for example.
viet nam vet.
<georgewkspam-7B93...@sn-ip.vsrv-sjc.supernews.net>,
"viet nam vet." <george...@humboldt1.com> wrote:
> suggestions?
The place should be worth the $100,000 we seek, Sure , It's near the
California coast, but inland enough to avoid the coastal fog. And sure
there are e-quakes but our homestead in on bedrock.
It's only 1/4 acre but we are on a cul de sac. True the garden doesn't
produce all the food we eat, but each year we do more , fruit trees and
raised beds.
I know the two car garage is not all redwood but we get two cars into it.
And an area for welding and parking the "bike".
The "problem" for the establishment lenders is the older mobile that is
our home. It's a 1959 Rex. and it's so ugly we covered it in cedar
shingles. In 1959 they only built these "beauties" out of real plywood.
Particle board hadn't be invented. thank goddess.
Anyway, It's paid for and we don't have to get this loan. It's just a
dream.
Al Bundy
wrote:
> In article
> <georgewkspam-7B93FA.07584510112...@sn-ip.vsrv-sjc.supernews.net>,
It sounds like the real value is the land, less the cost of
demolition. Still, I'm not knocking it as it may be very comfortable.
From any third party point of view, if it's really worth $100K, you
might only hope to see a payment based on $60K and your life
expectancy. Maybe you can't borrow on it, but it still pays you
dividends in paid-up country living.
Roger Shoaf
where it is almost worthless.
The first lenders to bite the big one were the ones that would lend on
mobile homes.
Any value you have in your home is for the lot only, and that depends on the
neighborhood.
--
Roger Shoaf
About the time I had mastered getting the toothpaste back in the tube, then
they come up with this striped stuff.
"viet nam vet." <george...@humboldt1.com> wrote in message
news:georgewkspam-5AFB...@sn-ip.vsrv-sjc.supernews.net...