Rent the Property

for_rentA homeowner who has a mortgage payment low enough that market rent will allow it to be paid, is able to convert their property to a rental and use the rental income to pay the mortgage.

Benefit
  • Allows homeowner to keep property indefinitely.
Drawback
  • The issues that can arise with a rental property are many, and rent often does not cover the full cost of property ownership and maintenance. If a homeowner is now vacating the home to a renter, they still need enough funds to rent a place for themselves.