Inheriting a house is an incredible opportunity. It sometimes, however, requires taking on unforeseen debt. How can you have the best of both worlds—live in a house without taking on an unmanageable mortgage payment?
Angie’s father bought a home a few years before he passed, and left it to Angie in his will. While she is grateful for the incredible gift, his early passing means the gift came with a burden as well—a mortgage that had been barely paid off.
“I had inherited my house when my dad passed away, so he owed you know, like a lot of money on the house, and I didn’t really know which way to go. But…I wanted to keep the house, you know, for my family…So I was just trying to do everything that I could because I couldn’t afford it myself.” The monthly payment her father was paying on the house was too much for Angie to suddenly take on herself.
She started looking at her options. “I had two offers for cash buyers, but they would only pay-off the house, and keep the house, then I’d have to move. So I was really trying to find a way to pay for the house and keep the house at the same time.”
“So I was really trying to find a way to pay for the house and keep the house at the same time.”
She first heard about Truehold’s Sale-Leaseback on TV. After two weeks of deliberating, she decided to give Truehold a try.
“Truehold came through and came up with an option for me. Instead of just going through the regular mortgage things, they came up with a great option for me to make the payment and stay in the house, so that was really, really great. It’s something that I didn’t expect.”
“It’s been so smooth, the whole process, so I appreciate that, and all of them [the Truehold team] have been there to really answer my questions and help.”
“Truehold came through and came up with an option for me.”
This is Angie’s first time taking care of a home. “I’m a little nervous…I’ve never dealt with a house like this before. The fact that they offer a lot of different services so I don’t have to maintain it as much [is a benefit].”
She is excited to have a place big enough to host her two children and five grandkids. “They love it—it has everything…enough space… a fenced in backyard, a patio that I love..it has a really big basement that the kids play in. It’s mainly focused around my kids, my grandkids.”
Without Truehold, Angie would have been forced to sell the house and move away. Through her sale-leaseback, she’s able to unlock all of her financial inheritance, erase her father’s debt, and stay in the home he gave her.
“I’m most excited about the fact that I don’t have to move, that’s the biggest thing. I don’t have to clear out the house now…I get to stay here for at least a little while until I get it together. My grandkids can come over…That is my biggest excitement, that I do get to keep it. “
“That is my biggest excitement, that I do get to keep it. “
Thank you to Angie for sharing your story!
* This interview has been edited for length and clarity.
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