Posted on: 24th Sep, 2007 05:25 pm
I am interested in learning more about programs comparable to reverse mortgages but available for homeowners who are UNDER 62! (I am not a senior.)
I have heard about a program called: The Rex Agreement, which is an investment company that deals with equity exchange rather than actual mortgage, and their programs are available to all ages BUT not in the state of Hawaii where I own my home!
Do you know of other companies like Rex or comparable programs that DO operate in Hawaii and offer a reverse-mortgage/equity exchange type of cash options?
I have heard about a program called: The Rex Agreement, which is an investment company that deals with equity exchange rather than actual mortgage, and their programs are available to all ages BUT not in the state of Hawaii where I own my home!
Do you know of other companies like Rex or comparable programs that DO operate in Hawaii and offer a reverse-mortgage/equity exchange type of cash options?
Hi Sharkdolphinintunes,
Welcome to the forum.
The Rex Agreement allow homeowners to take out cash from their home without actually borrowing a new loan. It provides him with up front cash payment of 12-17% of the existing value of the house. In exchange of the cash payment, Rex gets half of the increased value of the house when it is sold. Owners of single-family detached houses with average or higher credit scores can only qualify for this Rex Agreement.
Welcome to the forum.
The Rex Agreement allow homeowners to take out cash from their home without actually borrowing a new loan. It provides him with up front cash payment of 12-17% of the existing value of the house. In exchange of the cash payment, Rex gets half of the increased value of the house when it is sold. Owners of single-family detached houses with average or higher credit scores can only qualify for this Rex Agreement.
Yes, I understand how it works...but they don't offer this program in HAWAII. Anyone know of a similar one that is offered here in this tropical state?
Sorry Cristina,
I am not aware of any similar program in your state.
I am not aware of any similar program in your state.
Be vary careful with these types of programs. I am not going to name names here but just watch out.
Things to look for...
When does the mortgage become do?
What happens if the equity runs out?
What happens if home values drop in your area?
Answer to these questions and more are simple and not what these lenders want you to know.
THEY CAN TAKE YOUR HOME FROM YOU
Things to look for...
When does the mortgage become do?
What happens if the equity runs out?
What happens if home values drop in your area?
Answer to these questions and more are simple and not what these lenders want you to know.
THEY CAN TAKE YOUR HOME FROM YOU
I know that there are reverse mortgages out there for ppl that are 60. i don't need some big jumbo reverse mortgage. i bought my home w/some of my inheritance, i only paid $30,000 for it down here in Texas. i have since put in $14,000 of basic home improvements into the house & it is expected to be re- evaluated for it's value the first quarter of this year. Since i owe nothing on my house, i would like to get the $30,000 i have invested in it back so that i can do some updating. then, later on when i die the house would go back to the bank. i am the only person on the deed & have no children. how hard is it going to be for me to get what i want, or rather - get as close to what i want?
thank u for ur time,
Lorraine
thank u for ur time,
Lorraine
Hi Lorraine!
Welcome to forums!
Well, if you are 62 or more years of age, then you can contact the reverse mortgage lenders in your area and apply for a mortgage. You will either get a lump sum amount as reverse mortgage or get it through monthly payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Well, if you are 62 or more years of age, then you can contact the reverse mortgage lenders in your area and apply for a mortgage. You will either get a lump sum amount as reverse mortgage or get it through monthly payments.
Feel free to ask if you've further queries.
Sussane