There are currently over a million homes on the market that are foreclosed and bank owned. Have people been telling you that the market is ready for a rebound? How long do you think it will be before that inventory of homes is sold? We all know that they are being sold at a steep discount.
If you are over 62 and own your home there is only one way to make sure that your home appreciates over time. If you get a reverse mortgage, the credit line grows at 1/2% higher interest rate than the interest on the loan. That means that in a short time the credit line will be worth more than the current price of the home.
You are allowed to take out any or all of the credit line whenever you need it. If you need to move in 15 years, simply remove the credit line and hand the home over to HUD. No need to go through the process of selling the home because the credit line was worth more!
Bob
bob@az62.com
714-331-1486
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