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Keep your original documents in a safe location like the safety deposit box or a fireproof safe at family. Your real estate note is a negotiable and transferable insurance policy. In the event you want to sell your note a copy will not work, you will need the original documents.
Mike also shows Stacy comps supporting the current "As Is" value of $300,000. However, Stacy just has to fund $210,000 for the acquisition a few repairs involving the large discount Mike negotiated for that house. Weight loss Stacy happy because she knows owner financed note that if Mike disappears, she takes back home worth almost $100,000 during what she loaned with regards to! SHE HAS EQUITY!
A senior, who become eligible FHA reverse equity mortgage, has to own a manufactured home constructed after 1976, a 1- 4 unit home possibly a condominium, in which approved by HUD. Additionally all property types must meet FHA standards. The properties, that located on cooperative developments are not eligible.
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