Posted on: 12th Aug, 2009 07:19 am
1. I want to act as a bank to offer a 80%-90% LTV loan to my elderly Father providing monthly income to him with NO payments due from him for 3 years. NOTE: Reverse Mortgage product WON'T work.
2. Like a banker I want to structure loan so my odds of losing money on transaction are low (e.g. not 100% LTV) and legally uncontestable.
3. Like a banker I don't really want the property BUT UNLIKE a banker I realize this property will need to be sold in 3 yrs for me to recoup money since there is no ability to repay.
4. I need a mechanism OTHER THAN foreclosure at end of 3 years to gain title to property (eg advance agreement to transfer title - no foreclosures). 6. A GUARANTEE F creditors won't peel off home equity.
7. I would like to have 100% uncontestable ownership at end of 3 years (or before) with some kind of agreement to pay F or his estate whatever equity is left over in equity or due to appreciation after the sell of the home. 78yo F will move to my home after sale at end of year 3.
8. It would be a bonus if structured so Father can continue with his relationship with his homeowners insurance and lower elderly tax rate
2. Like a banker I want to structure loan so my odds of losing money on transaction are low (e.g. not 100% LTV) and legally uncontestable.
3. Like a banker I don't really want the property BUT UNLIKE a banker I realize this property will need to be sold in 3 yrs for me to recoup money since there is no ability to repay.
4. I need a mechanism OTHER THAN foreclosure at end of 3 years to gain title to property (eg advance agreement to transfer title - no foreclosures). 6. A GUARANTEE F creditors won't peel off home equity.
7. I would like to have 100% uncontestable ownership at end of 3 years (or before) with some kind of agreement to pay F or his estate whatever equity is left over in equity or due to appreciation after the sell of the home. 78yo F will move to my home after sale at end of year 3.
8. It would be a bonus if structured so Father can continue with his relationship with his homeowners insurance and lower elderly tax rate
Hi bearscare,
Your query has been replied in the given page:
http://www.mortgagefit.com/propertytransfer/about26095.html
Please take a look at it. I hope it will help you.
Thanks
Your query has been replied in the given page:
http://www.mortgagefit.com/propertytransfer/about26095.html
Please take a look at it. I hope it will help you.
Thanks