If you have a credit score of 660 or more and have at least 30% equity, you can have a loan with a rate fixed for ten years, with a payment of twenty dollars per $100k borrowed.
In other words, if you have a million dollar house with $300k equity, you can pay $140.00 per month (plus taxes and insurance.
No company name was given, just a phone number that I did not write down.
I guess what this really amounts to is a reverse mortgage for homeowners who are not seniors.
Reverse mortgage! Good one. There are probably steep points and start-up fees, not to mention pre-payment penalties and humongous baloon payments at the end of the rainbow.
That is too much. I have this 2 million house which my appraiser uncle said is worth 3 million, and I can only affort 35 bucks a month cos I only make $7 at McDonald. Can I get a loan. I can, yea … cool.
Cool.
Cow_tipping.
"I heard a lawyer ad on 93.3 today. Something about deceptive loans. I couldn't get the phone number otherwise I would've called to inquire."
I have heard the ad a couple of times. It is for folks who believe they were fooled into "pay as you please, neg am loans." I think they are lookin' for a class action lawsuit?……….
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