Reverse mortgages/equity exchanges for people UNDER 62

sharkdolphintunes · Joined: 24 Sep 2007 Posts: 1 1.00 Dollars($)

I am interested in learning more about programs comparable to reverse mortgages but available for homeowners who are UNDER 62! (I am not a senior.)

I have heard about a program called: The Rex Agreement, which is an investment company that deals with equity exchange rather than actual mortgage, and their programs are available to all ages BUT not in the state of Hawaii where I own my home!

Do you know of other companies like Rex or comparable programs that DO operate in Hawaii and offer a reverse-mortgage/equity exchange type of cash options?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Sharkdolphinintunes,

Welcome to the forum.

The Rex Agreement allow homeowners to take out cash from their home without actually borrowing a new loan. It provides him with up front cash payment of 12-17% of the existing value of the house. In exchange of the cash payment, Rex gets half of the increased value of the house when it is sold. Owners of single-family detached houses with average or higher credit scores can only qualify for this Rex Agreement.

Guest 0.10 Dollars($)

Yes, I understand how it works...but they don't offer this program in HAWAII. Anyone know of a similar one that is offered here in this tropical state?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Sorry Cristina,

I am not aware of any similar program in your state.

livinginnky · Posted: Tue Sep 25, 2007 1:44 pm Post subject:

Be vary careful with these types of programs. I am not going to name names here but just watch out.

Things to look for...

When does the mortgage become do?

What happens if the equity runs out?

What happens if home values drop in your area?

Answer to these questions and more are simple and not what these lenders want you to know.

THEY CAN TAKE YOUR HOME FROM YOU

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