Posted on: 17th Sep, 2010 07:55 am
My daughter and husband together with my wife and I would like to purchase a home in rural VT. The home would be owned by my daughter and rented to my wife and me.
We currently own a home in MA that has been on the market for 6 months. The new VT home will be used for my wife & I to retire in, and we will easily be able to affort a rent which would cover payments on a $55,000 mortgage on the retirement property. We are trying to sell the MA home for the mortgage payoff ($135,000 + R.E. commission & costs). My daughter & son-in-law own (no mortgage) their home in VT, but the land upon which it sits is owned by a cooperative. (This has led to turn-downs when trying to get financing on a home for my wife & I.) We are both 65 yrs.
What kind of financing can I search for that would enable my daughter to purchase a home for us to rent? Her credit is excellent. Mine is poor.
We currently own a home in MA that has been on the market for 6 months. The new VT home will be used for my wife & I to retire in, and we will easily be able to affort a rent which would cover payments on a $55,000 mortgage on the retirement property. We are trying to sell the MA home for the mortgage payoff ($135,000 + R.E. commission & costs). My daughter & son-in-law own (no mortgage) their home in VT, but the land upon which it sits is owned by a cooperative. (This has led to turn-downs when trying to get financing on a home for my wife & I.) We are both 65 yrs.
What kind of financing can I search for that would enable my daughter to purchase a home for us to rent? Her credit is excellent. Mine is poor.
Hi johnjtrocchi,
You can think about one options in order to finance new home.
Reverse Mortgage-----
Get a reverse mortgage on MA home as both of you are older enough to qualify for it and from that money you can put down payment for the new home in rural VT but make sure that your son-in-law should have mortgage on his name for the new home @ rural VT.You can co-sign along with him.
DIPA
You can think about one options in order to finance new home.
Reverse Mortgage-----
Get a reverse mortgage on MA home as both of you are older enough to qualify for it and from that money you can put down payment for the new home in rural VT but make sure that your son-in-law should have mortgage on his name for the new home @ rural VT.You can co-sign along with him.
DIPA