Homes For Sale: The Rent-back Concept

Are your pockets nearly empty? Are you drowning in a sea of doctors’ bills, home repairs, tuition payments, and unemployment difficulties, and wondering how to cope with retirement? Perhaps you have decided against the idea of taking a second mortgage on your house since you’re concerned about qualifying, or you’re wondering whether you can get sufficient money, or you’re daunted by the difficulty of paying off your first 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.

All homes regardless of size become homes for sale with a rent back plan. All types of housing qualify, such as apartments, houses, condos, and manufactured homes. Even studio apartments for rent back are available through specialized companies. Regardless of size, there are affordable options that real estate agents can work out for you.

Rent back plans place homes for sale briefly, but since the home owner signs a document stating that the real estate company cannot sell the home to anyone else for a predetermined length of time, the home owner will definitely be allowed to continue to live in the home. No rental rules will apply, so the home owner will still have the legal right to reside in his or her home.

If you have been worrying while looking at homes for sale because you think you may be forced to give up the home you already own for a smaller and more expensive one, don’t fret. There is a way you can stay in the home you are already in thanks to rent back plans. You can find out about this great opportunity by contacting a rent back real estate agent.

If you’re in financial difficulty, you may be wondering how to get out of it without losing your home or adding a second mortgage. It may be time for you to learn about the option to sell and rent back your home. Homes for sale are more expensive than they used to be, and you don’t have to give up your house for a smaller, more expensive one. Contact a rent back real estate agent to find out how you can get a loan and retain control of your property. Even studio apartments for rent back are available, as well as traditional houses, condos, and manufactured homes.

- Peter Shukla

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