Hi All,
I have an Aunt that is selling a property on Martha’s Vineyard for 1.5-2 Million and I don’t want it to leave the family (ie ME), but I don’t have the loot to buy it. She has said something in the past about a reverse mortgage. Does anyone have any idea on how I can keep this property in my family and give her the money she needs? Thanks for your help.
What will she sell it to you for? What is it appraised at? she can give you a 20% equity gift do to her being family!! So for basic numbers lets say it is worth 2,000,000.00 X 20% is $400,000.00 anyone can qulify for a 80% loan will she sell it to you for 1,600,000.00 And if so can you afford 10k a month… There are so many options for you The other is for her to do a reverse mortgage and you take over the property subject to. Or try for a 100% loan and have her gift you back the 400k to help you cover the note!! Or do it with seller financing the whole note… Or you could Go get a HELOC (Home equity line of credit) on the house give her the card and let her live off of the visa/line of credit and let her be on her merry way…I could probably come up with 10 other ideas if you want more advice please let me know!!!
Give me the truth about this program. I’m interested in selling property, and also owning. Can I please get some feedback from you. How do I get started, where to look. I also saw turning ugly houses into mansions. Would it be better to get a grant to re-hab homes and sell them or vice versa.
A reverse mortgage is very rarely the right way to go. If she needs money, I would recommend a cash out option arm. She can get the cash she needs without selling her property and probably reduce her monthly payments.
Good point calrkr I would honestly lean towards the whole equity gift and get her name off the property! and get a 80%loan that way there is no mortgage insurance and a cheap payment W.A.C.
Cal,
Good point, but depending on her age, she might be trying to totally eliminate any payment.
Justin,
How much does she have left on her mortgage?
she owns the property outright. I just saw her over the holidays and she was willing to talk about it…which is a start.