FHA is now allowing seniors (62 and older) to purchase residential real estate using a reverse mortgage. Some creative people have found a way to bring in income while living at no cost. Here's how: Seniors can purchase a multifamily property (up to four units) and rent out the units that they don't live in. With no principal and interest payment to make every month, the income coming from the other units can pay for living expenses. If you would like further information regarding reverse mortgages, drop me a line!
Sunday, July 19, 2009
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