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(EMAILWIRE.COM, February 29, 2008 ) Detroit, MI – In the Detroit market is now possible to stop making house payment and/or stop paying rent and yet enjoy the pride of home ownership independent of credit score. The depressed Michigan housing market allows investors to buy bank owned properties for les than 20 cents on the dollar. These properties can be re-habbed, HUD-appraised and purchased by a senior, who is 62 or older and approved for a reversed mortgage. This senior can now be a proud home owner without ever having to make house payments again! The investors are willing to help the seniors by providing a private mortgage or land contract on the home while the reverse mortgage is obtained.
What is a reverse mortgage? A reverse mortgage lets an owner convert home equity into cash. However, unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower no longer uses the home as a primary residence.
The investor who sold the home to the senior is paid off at the time of refinancing and the home owner has no more payments on the home. Credit is not an issue because the mortgage company is not going to be receiving monthly payments on the home. The entire loan is based on the equity in the home.
This program is unbelievable! A senior with job loss or income reduction can now own a home without making mortgage payments for as long as they choose*. This is an amazing opportunity for our seniors to increase their financial independence, make cash available to them for higher standard of living, and enjoy the pride of home ownership.
This Michigan real estate marketing group has already bought and sold over 3500 properties. To learn more about this opportunity to help our seniors, call 313-263-1733 or send an e-mail to seniorsinneed@gmail.com.
*The senior still has an obligation to pay for home insurance and property taxes.
Other
Michael Gordon
313-263-1733
seniorsinneed@gmail.com 
Source: EmailWire.com
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