Reverse mortgages may give the term "Senior Investor" a whole new meaning.
Many people do not know that a reverse mortgage is not just for single-family homes. A reverse mortgage can also be used to acquire a condo, a manufactured home, a duplex, or a quad.
Can you imagine being able to purchase a quad (4 unit building) for less than half price, with no payments for life????
That's the entitlement of a senior citizen with a reverse mortgage. A senior can purchase the building, place three renters in the building (one in each one of the units that they are not living in), and live in the fourth. Remember, the reverse mortgage means that there are NO mortgage payments. That means that other than the homeowners insurance and property taxes on the building, that rent roll goes straight to the senior's pocket. That's right, the cash flow from the three renters goes straight in the senior citizens bank account and they themselves get to live in the fourth unit with no mortgage payments.
Imagine being 62 and having that income and benefit for the rest of your life!!!
Still think reverse mortgages are bad?
Bob
bob@az62.com
www.az62.com
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