Reverse mortgage roadblocks for condo owners

Qualifying can be more difficult in smaller developments

By Inman News Feed
Add Comment Add Comment | Comments: 0 | Posted Sep. 23, 2010

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"My mom has about six months of resources left, unless we can tap the equity in her home," Sally said. "She really wants to stay in her home and is of sound mind and body."

What's the next step?

"I have also considered trying to find someone who would be interested in buying her place as an investment and then renting it back to her, something like that ..."

It would be easier if HUD could find a way to grant exceptions to seniors who simply want to age in place -- especially those in their 80s and 90s who have no liens against their properties. After all, building departments seem to issue "variances" to some marginal developments. Why not a logical ruling for a person who has built her own nest egg?

Tom Kelly's book "Cashing In on a Second Home in Central America: How to Buy, Rent and Profit in the World's Bargain Zone" was written with Mitch Creekmore,  senior vice president of Stewart International, and Jeff Hornberger, the National Association of Realtors' international market development manager. The book is available in retail stores, on Amazon.com and on tomkelly.com.

 

                                         
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