My client has retired and has tons of money but no income - HELP!!!
This is something that has become a major issue due to the paucity / lack of loan programs for borrowers with no/little income showing on their taxes but have great assets.
If they are 62 and over, the best way to solve this is aReverse Purchase Mortgage – The volume of these loans are exploding as most financial planners & CPAs are endorsing this as a way to purchase a home and hang onto their cash – AND BEST OF ALL, HAVE NO MORTGAGE PAYMENTS AS LONG AS THEY LIVE IN THE HOME!
Here is how it would typically work;
A couple is retiring to Lynchburg after living in Northern Va. They have just sold a house and netted out $600,000. They find a home that is $350,000 and they put $140,000 down** and finance the remainder with a Reverse Mortgage. There will be no payments going forward on this property except for the real estate taxes and Homeowners Insurance. Best of all, THERE is no qualifying in terms of income, debts, etc. As long as they have the downpayment and are over 62, they qualify!!
Author Bio: Rob Alley earned a bachelors degree at Virginia Tech, in Blacksburg, VA in Biology. Rob Alley consults with homeowners regarding Real Estate transactions and speciliazes in listing and selling Charlottesville Real Estate. Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
Charlottesville Real Estate Experts
If they are 62 and over, the best way to solve this is aReverse Purchase Mortgage – The volume of these loans are exploding as most financial planners & CPAs are endorsing this as a way to purchase a home and hang onto their cash – AND BEST OF ALL, HAVE NO MORTGAGE PAYMENTS AS LONG AS THEY LIVE IN THE HOME!Here is how it would typically work;
A couple is retiring to Lynchburg after living in Northern Va. They have just sold a house and netted out $600,000. They find a home that is $350,000 and they put $140,000 down** and finance the remainder with a Reverse Mortgage. There will be no payments going forward on this property except for the real estate taxes and Homeowners Insurance. Best of all, THERE is no qualifying in terms of income, debts, etc. As long as they have the downpayment and are over 62, they qualify!!
Author Bio: Rob Alley earned a bachelors degree at Virginia Tech, in Blacksburg, VA in Biology. Rob Alley consults with homeowners regarding Real Estate transactions and speciliazes in listing and selling Charlottesville Real Estate. Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
Charlottesville Real Estate Experts
Buying and selling a house is always a big burden on the shoulders, for which someone really need some agents like any real estate agents who consults their clients to let them make best decision in their favor.
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