Sale Leaseback

My after tax income is 2100 monthly. I currently pay 1212 (including escrow) for my home. I can afford to make my payments but have little to live on after all bills are paid. I have a terminally illness and 2 dogs. A friend told me I should try for a reverse mortgage or sale lease-back. The current value of my home is 380,000 and I owe 175,000. What should I do? <IMG SRC="images/forum/smilies/icon_confused.gif">

[ Edited by greta5950 on Date 07/19/2003 ][ Edited by greta5950 on Date 07/19/2003 ]

Comments(1)

  • 2000rock20th July, 2003

    greta5950,

    Do I understand this right?

    "My after tax income is 2100 monthly. I currently pay 1212 (including escrow) for my home."

    Is your Total net income after mortgage $888.00?

    "The current value of my home is 380,000 and I owe 175,000. What should I do?"

    "A friend told me I should try for a reverse mortgage or sale lease-back."

    " sale lease-back"

    What is the sell price?...$380K +or-....

    ...what would your lease-back be???

    Your total NetIncome is $888.00

    Is there something I am missing?


    ....as always,


    GoodInvesting, Rocky

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