Futon Heaven

Do you need extra money to pay doctors’ bills, to set aside for retirement, to make repairs or to pay your child’s college fees? Have you lost your job and just need the extra cash to get by? Even if you feel it won’t bring in enough money or that you might not qualify, you might consider getting a second mortgage.

Perhaps it is time for you to look at an option named “rent back.” This option consists of letting a specialized real estate agency purchase your home, and then monthly giving them a small rental fee in order to stay in your home as in the past. After a while, once you have bought back your home, it will be returned to your possession.

For those who may not qualify for a traditional second mortgage, a sell and rent back plan may be a great alternative. As with second mortgages, the home serves as collateral for the loan. Unlike second mortgages though, your monthly payments can be very low and do not get added to the large mortgage payments you may already be paying.

It doesn’t matter the size of the property - whether an apartment, house, condo, or manufactured home - any house can become homes for sale in a rent back plan. Studio apartments for rent back can even be placed on the market. Whether your home is big or small, real estate agents can work with you to find a monthly payment that is reasonable.

Although rent back plans technically place homes for sale there is not a danger that one will no longer be able to reside in your home. Signing documents that state that the real estate company that you are using will not be legally be able to sell your home to someone else within the period of time that is specified. There will also be no annoying rental rules - your home is still yours, just as it has always been, to do with what you wish.

If you’ve been scanning the ads for homes for sale because you think you might be to relinquish your cherished home for a smaller, less expensive house, you can relax. There are options available to let you stay in your home. One option is a rent back plan. Get in touch with a real estate rent back specialist to find out if this choice will work for you.

Are you drowning in a sea of doctors’ bills, home repairs, tuition payments, and unemployment difficulties, and wondering how to cope with retirement? For those who may not qualify for a traditional second mortgage, a sell and rent back plan may be a great alternative. As with second mortgages, the home serves as collateral for the loan. All homes regardless of size become homes for sale with a rent back plan. Even studio apartments for rent back are available through specialized companies. The documents you sign explain that the real estate company legally cannot sell the property for a set time.

- Peter Shukla