Want To Purchase Property..need Advise
Hi all,
I have an aunt on Martha's Vineyard that is selling her home due to mounting bills etc. She is sitting on a piece of property that will sell for 1.2 million. She has looked into a reverse mortgage, but that hasn't really worked out. I'd love to be able to purchase it, but don't have the 1.2. Any ideas for me? I am a current homeowner with excellent credit.
Work a deal with an investor; whatever creative that hits your mind. The other is as you though first; to sell it.
Have her sell it to you. You get a first mortgage for whatever amount she needs 700K Ex. and then she holds a second mortgage to you for the balance at low interest. Buy it as a second home.
Where does your Aunt want to live?
Where can she live if she leaves there?
Why isn't the reverse mortgage working out for her?
Your answer is to address this backwards based on what her needs are. If she could move into a place that is better for her and costs 500K, then you could get a 1st mortgage for that much and ask her to carry a 2nd...that way she has a home and the income that she needs. (Obviously the two of you could create the percentages that fits your needs best). Her Estate Planner and/or Accountant should be part of the planning.