I have a client in Euless who has authorized me to share some non-identifying personal details in this forum. He has Stage 4 colon cancer and his doctors don't talk about a cure, just management for the time he has left. Whether that is 12 days, 12 weeks or 12 months is up to God.
He lived in this home in Euless with his mother (as her caretaker) for over a decade. She was the only borrower on the reverse mortgage, and she recently passed and now the bill is coming due. He either has to repay it, or move. He does not want to move, but he lacks the ability to repay the loan, and will not qualify for a loan because he has not worked because of his radiation and chemo leave him wiped out.
Online sites say the home is worth about $150k, which is far more than the loan balance ($108k). He could list with a conventional RE broker, sell and repay the loan, but he would have to move. I suggested he might find an investor who would purchase the property subject to his retained life estate, or who would lease the house back to him.
He is willing to take below market price if he gets to stay put.
The home is a 3/1, about 1,000 sq ft, and is located south of Harwood and between Aransas and Collin. A comparable home at 1014 Harris Drive is a 3/1, 976 sq ft, listed for rent at $1350.
If you are seriously interested, please contact me for details. parnellmc AT gmail DOT com
Thanks in advance
