Reverse Mortgage

[Mez]

Well, I figure i might as well ask here. Anyone know anyone in the North-West area who might be interested in a Reverse Mortgage?
Basically A reverse mortgage is someone paying a home-owner a fixed amount per month(until the payment is amortized). The buyer only takes ownership of the house after the home-owner has died.
It's sort of meant to be a way for elderly couples who want the extra cash and wont be giving the house to anyone to get some extra cash every month. Of course once they pass on the rest of the $ is paid out to the owner's estate.

I looking to buy a house this way. I prefer my $ go to someone who's gonna make use of it, rather than it go to the bank who gonna make a mint offa my head.

[TriniXaeno]

I was of the impression that a reverse mortgage was something only offered by banks and financial institutions themselves as a way of getting a property for cheap. As a long term investment.

With the benefit for the seller being that they get some cash in hand while staying in the property (as opposed to moving out to cheaper accommodations and renting it to cash in on the difference or selling it altogether)

For a young person, I don't think it is a good idea on either sides of the equation.

You would be better off getting a mortgage from TTMF. Avoid the bank.

[woodyear99]

There was some talk about this being put on the MOH agenda under the PNM administration, don't think it ever took off though...

http://legacy.guardian.co.tt/archives/2006-03-25/bussguardian11.html

23 March 2006

By Gillian C Caesar

Since the announcement by Prime Minister Patrick Manning at the Ministry of Housing’s Housing Colloquium last week of the Government’s plan to introduce reverse mortgages, queries have been raised on the nature and operation of reverse mortgages. Many have asked: what is a reverse mortgage?.......

[Mez]

well you see, my whole thing is that I prefer to find someone who would actually need/use the $ and even if i get the house in 10 years.. i still have it ya knaw mean? I'll check out the TTMF tho.

yes, Reverse mortgages are a long term investment for financial institutions, but the way I see it, No bank/lending institution gonna give me $ to buy a house anytime soon, so why not go for one i know i'll get + help out someone who'll need it anyway. + when they die the family will have my $ coming in for years to come as well

[TriniXaeno]

Why do you think no bank will give you a mortgage??

Financial institutions are bending over backwards to give out loans and mortgages nowadays.

You have youth on your side. Clock 3 - 5 years in a permanent job and you'll be a shoo-in for a mortgage.

In that time, you'll need to save up a deposit for your property of choice.

A good approach would be to start with land first. Then progress to house and land.

Going into to TTMF and speaking to an officer there could put a proper perspective on things. They'll set you on the right path to home ownership.

[woodyear99]

Indeed, ttmf is pretty good for first time home owners.

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