A New Blog for Seniors Playing the Real Estate Game
(EMAILWIRE.COM, February 17, 2008 ) There is new blog dedicated to senior’s rights for investing in real estate. Investors are doing bulk house buys, for 20 cents on the dollar. Investors are fixing the homes up and reselling them for 52% of appraisals. Seniors are approved for reverse mortgagee. Homes are sold to them on a private mortgage, until the senior obtains a reverse mortgage. The seniors are in the homes with No payments. This blog is dedicated to seniors finding most cost effective housing. Ralph Marcus Maupin, Jr. is instructor of real estate at local college. This new web site is http://seniorsuhaverights.blogspot.com/
Seniors in Michigan in foreclosure may find themselves owning a home with negative net worth one minute, and then owning a home with no payment and 48 % equity the next. Yes, you heard right, no payment and equity. How can a person with bad credit in foreclosure end up having a home with equity and a mortgage with 6% interest, no monthly payment.
There is small group of investors in the Michigan market that are cash buyers. They do bulk buys from mortgage company asset managers and REO agents. They are buying homes in bulk for 10-20 cents on the dollar. The Michigan market is so depress they are now able to buy at all time lows. They are then fixing the home up and reselling them for 52% of what a HUD appraisal comes in at. The seniors who are 62 or older can be approved for reverse mortgage are perfect for this program, their investors are willing to sell the homes to the seniors on a private mortgage or contact for deed. The sales are on short term financing until the senior is able to obtain a reverse mortgage.
A reverse mortgage lets an owner convert home equity into cash; unlike a traditional home equity loan or second mortgage, however, no repayment is required with a reverse mortgage until the borrower no longer uses the home as a primary residence. The investor who sold the home to the senior is paid off at the time of refinance and home owner has no more payments on the home. Credit is not the issue because the Mortgage Company is not looking to get payments on the home. The whole loan is based on the equity in the home. Currently HUD does not have seasoning requirement for time of ownership on HUD reverse mortgage.
What a great program where senior who has hit hard times with job loss or income reduction can now get into home with no payments. This a great program for a senior who has the majority of their income going to rent or house payments. Bear in mind the senior still needs to make tax and insurance payments on the home. For more information:
Ralph Marcus Maupin, Jr (Mark) 248-939-6232
Email address: Maupin.email@example.com
New Blog: http://seniorsuhaverights.blogspot.com/
Company: Right Now Marketing Group, LLC
Contact: Mark Maupin