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Senior Housing Program

Mr. Homeowner Goes From Foreclosure to No House Payment and Huge Equity This Could Only Happen In a Real Estate Market like Detroit Michigan

 

Seniors in Michigan in foreclosure may find themselves owning a home with negative net worth one minute, and then owning a home with no payment and 48 % equity the next. Yes, you heard right, no payment and equity. How can a person with bad credit in foreclosure end up having a home with equity and a mortgage with 6% interest, no monthly payment.

 

There is small group of investors in the Michigan market that are cash buyers. They do bulk buys from mortgage company asset managers and REO agents. They are buying homes in bulk for 10-20 cents on the dollar. The Michigan market is so depress they are now able to buy at all time lows. They are then fixing the home up and reselling them for 52% of what a HUD appraisal comes in at. The seniors who are 62 or older can be approved for reverse mortgage are perfect for this program, their investors are willing to sell the homes to the seniors on a private mortgage or contact for deed. The sales are on short term financing until the senior is able to obtain a reverse mortgage.

 

A reverse mortgage lets an owner convert home equity into cash; unlike a traditional home equity loan or second mortgage, however, no repayment is required with a reverse mortgage until the borrower no longer uses the home as a primary residence.   The investor who sold the home to the senior is paid off at the time of refinance and home owner has no more payments on the home.  Credit is not the issue because the Mortgage Company is not looking to get payments on the home. The whole loan is based on the equity in the home. Currently HUD does not have seasoning requirement for time of ownership on HUD reverse mortgage.

 

What a great program where senior who has hit hard times with job loss or income reduction can now get into home with no payments. This a great program for a senior who has the majority of their income going to rent or house payments.   Bear in mind the senior still needs to make tax and insurance payments on the home.

 

Article by:  TheQuickHomeFinder  - Please email us if you work with bulk property buyers and senior homeowners in Michigan.  This is a very unique program.  We can not guarantee the location of these deals.  It is a very special program and system that is in place.  Please call for details.
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With over 1400 associates, we cover listings and work with buyers in and around Michigan, including Addison, Allen Park, Ann Arbor, Armada, Auburn Hills, Augusta, Barton Hills, Belleville, Berkley, Beverly Hills, Bingham Farms, Birmingham, Brandon Township, Bridgewater, Brighton, Bruce, Brownstown, Bloomfield Hills, Bloomfield Township, Canton Township, Centerline, Chelsea, Chesterfield Township, Clarkston, Clawson, Clinton Township, Cohoctah, Commerce Township, Conway, Davisburg, Dearborn, Dearborn Heights, Deerfield, Detroit, Dexter, Ecorse, East China, Eastpointe, Farmington Hills, Ferndale, Franklin Village, Fraser, Freedom, Flat Rock, Flint, Fowlerville, Garden City, Genoa Township, Gibraltar, Green Oak Township, Gregory, Grosse Isle, Grosse Pointe (s), Groveland, Hamburg, Handy, Harper Woods, Harrison Township, Hartland, Hazel Park, Highland Township, Holly, Howell, Huntington Woods, Huron, Independence Township, Inkster, Iosco, Keego Harbor, Lake Angelus, Lake Orion, Lakeville, Lathrup Village, Lenox Township, Leonard, Lima, Lincoln Park, Livonia, Lodi, Lyndon, Macomb Township, Madison Heights, Manchester, Marion, Memphis, Melvindale, Milan, Milford, Mount Clemens, New Baltimore, New Haven, New Hudson, Northfield, Northville, Novi, Oakland, Township, Oak Park, Oceola, Orchard Lake, Orion Township, Ortonville, Oxford, Pinckney, Pittsfield, Pleasant Ridge, Plymouth, Pontiac, Putnam, Ray Township, Redford, Richmond, River Rouge, Riverview, Rochester Hills, Rockwood, Romeo, Romulus, Rose, Roseville, Royal Oak, Salem, Saline, Scio, Sharon, Shelby Township, Southfield, Southgate, South Lyon, Superior, Springfield; Township, St Clair Shores, Sterling Heights, Sylvan Lake, Taylor, Troy, Trenton, Tyrone, Unadilla, Utica, Van Buren, Walled Lake, Warren, Washington Township, Waterford Township, Wayne, Webster, West Bloomfield, Westland, White Lake, Whitmore Lake, Wixom, Woodhaven, Wolverine Lake, Wyandotte, York, Ypsilanti.  With coverage along with the rest of, Oakland, Oakland County, Wayne, Wayne County, Michigan, Macomb, Macomb County, Livingston, Livingston County, Washtenaw, Washtenaw County.

Each of the communities covered by The Quick Home Finder LLC has different demographics and terms. Information is available on any of the following: Buyers Broker, Buyer Broker, Buyer Broker Michigan, Michigan MLS listing, Michigan search MLS, Wayne MLS Search, Oakland MLS search, Oakland County Real Estate, Michigan MLS real estate listings, Michigan free MLS listing,  Washtenaw MLS, Macomb MLS, How to Sell your home, Home search, homes for sale, find rental property, Michigan real estate listings, foreclosure listings, free foreclosure listing, free foreclosure listings, some people refer to this new system in the follow words: MLS, MLS search, MLS number, real estate MLS, MLS real estate listing, MLS soccer, MLS alliance, MLS online, MLS stratus, real estate MLS, real estate listing, foreclosure listing, multiple listing service, real estate property listing, property listing, commercial real estate listings, real estate search, property search, MLS search. Cheap MLS Listings Michigan, Home for Sale by owner, help you sell. Help u sell, Real Estate One MI, Real Estate One, Real Estate One Royal Oak, Homes Royal Oak, Homes Berkley, Homes Ann Arbor, Birmingham Homes, Bloomfield Hills Homes,  Remax, Remax Listings, Max Brook, Hall and Hunter, C21, C21 Listings, Hannet Wilson whitehouse, Prudential, Prudential Real Estate, Foreclosure experts, Probate, Home Locator, Find My House. Your Local Flat Fee, For Sale By Owner, selling my house in Michigan, Real Estate Commission, Free Home Sales, Residential, Single Family, Multi-Family, Apartments, Condo, Condominium, Lofts, New Construction, REO, Real Estate Owned, Commercial, Lake Front, Vacant Land, Bank Owned, for sale by owner,  Short Sale, Realty, BPO Broker Price Opinion, Universal Design, Investment, Water Front, Zero Down Home Buying, Ameridream, AmericanDream, Foreclosures, Attorney is Recommended , HUD, Zero Down, MSHDA, Vacation, vacation property, donate real estate,donate, Metropolitan Title, title work, title agency, real estate one broker, real estate one agent, zillow michigan, zillow, realtor.com, 1031 Exchange, 1031 Tax Exchange, Certified Appraisal, Probate, Negotiable real estate listing commissions, Historic, vintage, Reverse Mortgage, AARP Discount, Rent, Renting, Rental, Lease, Mr. Lease Option, Relocation, Relo, Relocation Company, real estate one blog, mls listing blog, Property Selling Specialists, option, optionee, MiRealEstateToday, Michigan Real Estate Agent,  Affordable Michigan Real Estate Agent, Broker, Realtors, sell my home, find Michigan real estate, short sale expert, Specializing in Homes For Sale Michigan, and Proudly Serving Flat Fee, Michigan Realty, "for_sale_by_owner_fsbo.htm" For Sale By Owner, FSBO. 

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