Reverse mortgage or Equity loan?What is the best, least confusing and fastest way to sell a senior’s home?
vixxen asked:
My grandma is near 80 and my granfather is mentally gone.She doesnt want to be in the house when people are viewing her home.So, I think the best way is for her to see the home she wants to buy, get a mortgage for it, move and THEN sell her home. It is just my dad an I helping her.Any advice?
Yes, grandma wants to sell her home and move to either a senior community or a new home all together.
Her house is paid for.
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My grandma is near 80 and my granfather is mentally gone.She doesnt want to be in the house when people are viewing her home.So, I think the best way is for her to see the home she wants to buy, get a mortgage for it, move and THEN sell her home. It is just my dad an I helping her.Any advice?
Yes, grandma wants to sell her home and move to either a senior community or a new home all together.
Her house is paid for.
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March 18th, 2010 at 3:46 pm
Reverse Mortgage
Yes, speak with their attorney first. Best to know if she can sign for grandpa if he is incapacitated or unable to comply due to mental incapacity. A Realtor can help you with selling their current home. Moving them before you put the house on the market is a good idea. Less for them to go through. Maybe grandma could give you power of attorney.
March 20th, 2010 at 4:14 am
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Do you want to sell your grandma’s home???? I don’t understand your question..b/c in the body of the message you talk abt her buying a house.
March 23rd, 2010 at 12:22 pm
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Yes, there are many opportunities for elders to get taken advantage of in reverse mortgages, so consult a real estate attorney and/or advisor before doing any reverse mortgage.
The most common practice when buying a home is to make an offer on the home you want to buy ‘contingent’ on the home you own selling first. That means you’re not stuck with the financial responsibility for two homes. That does however mean you have to have folks coming into your home to look at it while your grandparents are still living there. So it might not be possible for your grandmother to get your grandfather out of the house on a moments notice when a real estate agent wants to show the house. If your grandparents are financially capable of buying one house, and then selling theirs, that might be best in your situation. Make sure there is no penalty for early payoff of the mortgage, if they intend to pay off the new mortgage with the proceeds from the sale of their home. Some reputable builders offer something called a home trade program, where they will buy your home when you buy theirs. Most will pay close to fair market value. At least 90% of FMV is usually fair to allow them to pay expenses, etc.
Best advise, get a professional realtor to walk you through it.