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Retiring but house has not sold?

Retiring but house has not sold?

This is a discussion on Retiring but house has not sold? within the Mortgage Problems and Solutions forums, part of the Mortgage and Loans Forum category; We are retiring, moving and our current house has not sold. Our bank, the holder of our mortgage, suggested that ...

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01-09-2008, 05:36 AM

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Retiring but house has not sold?

We are retiring, moving and our current house has not sold. Our bank, the holder of our mortgage, suggested that rather than continue to make our monthly payments, that we do what he is calling a (one pay mortgage?) We will stop making payments alltogether (which will help our retirement cash flow) and when the house sells, the bank will collect the accrued interest from the proceeds. He is offering prime today and I was wondering if this was a good idea and if anyone has ever heard of this before. Thanks in advance for suggestions Bob

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(Source: mortgagefit.com)

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