You pay the full mortgage insurance premium up front, about 3% of the total amount.
Same normal closing fees, as much as $5,000
You may have to pay for any repairs needed up front if the house doesn’t meet inspection or HUD guidelines.
They get mostly desperate, house rich low income owners.
Good post. Specifics are nice. We always hear that RM are bad, but rarely are reasons given
Originally Posted by Jim_Conrad
One thing to consider.....is that children are not entitled to shìt.
Harsh, but another good post. I'd hate the thought of an elderly parent doing without in order to pass and inheritance to me. I'd rather they spend their home equity to improve their quality of life.
