Sale Leaseback
My after tax income is 2100 monthly. I currently pay 1212 (including escrow) for my home. I can afford to make my payments but have little to live on after all bills are paid. I have a terminally illness and 2 dogs. A friend told me I should try for a reverse mortgage or sale lease-back. The current value of my home is 380,000 and I owe 175,000. What should I do? <IMG SRC="images/forum/smilies/icon_confused.gif">
[ Edited by greta5950 on Date 07/19/2003 ][ Edited by greta5950 on Date 07/19/2003 ]
greta5950,
Do I understand this right?
"My after tax income is 2100 monthly. I currently pay 1212 (including escrow) for my home."
Is your Total net income after mortgage $888.00?
"The current value of my home is 380,000 and I owe 175,000. What should I do?"
"A friend told me I should try for a reverse mortgage or sale lease-back."
" sale lease-back"
What is the sell price?...$380K +or-....
...what would your lease-back be???
Your total NetIncome is $888.00
Is there something I am missing?
....as always,
GoodInvesting, Rocky