I have heard that there is a way to sell my home which I own outright and retain the right to live there?
rabblerouser 9 asked:
Who does this? What are the fees, etc. involved?
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Who does this? What are the fees, etc. involved?
December 2nd, 2008 at 4:51 am
sure; easy–IF the buyer will accept it–
you sell with a stipulation that you be allowed to lease it
back for x dollars for y period of time.
Perhaps 25% of buyers will allow that if they are more
interested in an investment and not a home for personal occupancy
December 5th, 2008 at 4:38 pm
You sell your home to a buyer. Buyer then becomes a landlord and you become the tenant.
December 8th, 2008 at 3:39 pm
look into a reverse mortgage
you basically give your house to the investor and they PAY You to live there.
when you die your house goes to them
December 11th, 2008 at 1:55 pm
You can sell the property and retain a life estate. The buyer gets the property when you die.
Of course, the buyer will adjust the price depending on your life expectancy. The younger you are, the less someone will be willing to pay.
December 13th, 2008 at 7:29 pm
Sure you can do that……IF you can find a buyer willing to tolerate these requirements. What you describe is called a ‘life estate’, giving you the right to remain in the house until you die.
In reality, such situations occur RARELY, unless it is a family type sale, OR the buyer desperately wants to gain control of your real estate when you die.