Sell your home to Irene, staying free for life
Staying free for life at your former home. That’s it.
A variant of the reverse mortgage model is being brought by the New York-based Irene Home Equity Solutions.
They buy your home, pay most expenses associated with the home, allowing you to live free of rent (or rent it out) in your former home till the day you die.
This new startup, Irene, is aiming this business model to the senior population, preferably 70 years old and up, who are expected to enjoy the property for a couple of decades once they sell their homes. No more house payments.
Sounds good? Keep reading.
The process is similar to a reverse mortgage but in this model, the homeowner becomes a tenant. A tenant not paying rent on this property, ever.
Irene co-founder and CEO Fabrizio Tiso believes that seniors could “get to spend their time in the place they love, the houses where they raised their families, and they get to do it with peace of mind,” in an interview to Slate.
The catch? Irene wants to buy your property at a huge discount, offering between 30 to 60% of the market value, which may be interesting to cash-limited seniors, o those with small fixed budgets.
This is not an easy decision to take, though. It may be luring of living without the pressure of paying a mortgage, paying property taxes, of major repairs, but there may be many other considerations to ponder. Consider, for instance, that this property won’t be part of your inheritance.
Is this interesting to you? Give Carolyn a call to discuss the many alternative solutions that may be at your disposal depending on your needs, dreams, and possibilities.
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