quote:And I would be willing to bet that loan is basically a second mortgage on your home. You have to pay it back at the time of your sale if you move. That cuts into the equity of your house. I have heard that is the case but have not researched it so I'm not posting that as fact but it is something to consider/research.
Originally posted by tigerfinThe one that came to our house this week offered a loan, not a lease. I didn’t speak with him, but my wife did. According to her it was for up to 20 years on the loan if we wanted to do it. I would never do that because I can guarantee that something would fail before I got it paid for. Maybe a 5 year loan, but not 20.
quote:
Originally posted by birddawgquote:And I would be willing to bet that loan is basically a second mortgage on your home. You have to pay it back at the time of your sale if you move. That cuts into the equity of your house. I have heard that is the case but have not researched it so I'm not posting that as fact but it is something to consider/research.
Originally posted by tigerfinThe one that came to our house this week offered a loan, not a lease. I didn’t speak with him, but my wife did. According to her it was for up to 20 years on the loan if we wanted to do it. I would never do that because I can guarantee that something would fail before I got it paid for. Maybe a 5 year loan, but not 20.
My wife did say that the salesman told her that if we were to sell our house, that the loan was tranferrable to the new owners. All we would have to do would be get them to sign one document.
I would think any savvy home buyer would take issue with that. I know I would.
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