Reverse-Mortgage or Equity Loan...to purchase a "new" home for parents?

kim y

New member
My parents are sick of current home; too much maintenance and hard to move around in (current home 2-story...want 1-story). They want a fresh start.

The value of their home (as-is) is about $55,000. Home they're looking at is $97, 000. Dad says a small mortgage payment is ok.

What about it? They are 80+ yrs old, excellent credit; bills paid in full each month. Current 2-story home paid off 14 yrs ago. Staying in same town.

Let me know of any other info you need and/or any other programs out there you're aware of. They live in Texas, Collin county.

071409 6:33
 
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