Posted by JayinNY on January 07, 2013 at 17:01:18 from (166.137.89.154):
Does anyone here have a reverse mortgage? As I have said in the past, iv been working on a horse farm for the last 24 years. I love the place. I lived 3 miles from the farm, than in 2000 I was fournate enough to buy a house 1/4 mile from were I grew up. Anyway the lady that owns the farm has run it into the ground, she has 4 kids in there 40s that are all losers, they never worked for anything, because mommy kept supporting them, one son went to a 2 year collage for 10 years, because he kept changing his major, then quit without a degree! Yet we couldn't get a battery for a tractor when it died?? She spent over $30000 on 3 horses, that she knew nothing about, some trainer in KY saw her coming a mile away, and swindled her. Any way in 2008 she put the place in a reverse mortgage. I'm not sure how it works, but I think she gets money from what ever equity is left in the place, they used the farm as an ATM during the 2000s? I don't know if she can sell the place or even lease it. I don't think if I sold my house and property I could swing the farm, in the 90s they said the place was worth a million, but that bubble burst so I'm thinking 4-5 hunderd thousand now, what I wondering is if she lives long enought, and use a good chunck of that equity, would the place be sold for what it was worth minus the used equity? Say the bank priced it at $400,000, and she uses $300,000 in payments, would it sell for $100,000? Any advice would be appreciated. Other than that how does one get a farm nowadays? Other than inherent one, or being a millionaire !!! Thanks.
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