Would This Work For Someone Who Needs Cash, But Doesn't Want To Sell?
This is all hypothetical.
Let's say you come across an owner of a $300K house, mortgage completely paid off. However, this owner is thinking about retirement and no longer wants to work. Kids are in school, though, so they aren't ready to move just yet.
Is it possible to take out a note for, say 20% of the equity? So you'd be making monthly payments to this owner for $60K of the home's equity.
Is this something that is done? I believe it would make sense in appreciating areas.
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