Saw a TV ad..but question...reliability of it.

[Jace]

The TV ad..stated...The Company(don't remember name) would buy your house..and you could stay in it..by ''renting it back'.

Who would do this? Isn't it risky??

Anyone ever heard of this?

Comments.

 

[CallMeKate]

Maybe this will help. The article is from UK, but I'd think these schemes are the same everywhere. Personally I wouldn't touch it and would look for a legit mortagage rescue place if I were struggling with mortgage.

https://www.citizensadvice.org.uk/d...mortgage-problems/sale-and-rent-back-schemes/

 

[jujube]

I would think it would be the same as renting from anybody. At the end of your lease, they could kick you out just like anyone else. Or raise the rent very high so you'd have to move.

 

[Jace]

@CallMeKate,.yes, good article, TY!

 

[Mizmo]

If you own the home... this gives a good explanation of a Reverse Mortgage,,,,some people like it


https://www.chip.ca/how-reverse-mortgage-works/