Posted by Waterloo on February 04, 2008 at 17:42:08 from (74.171.133.160):
In Reply to: Reverse mortgage posted by dave guest on February 04, 2008 at 15:54:05:
Dave,
I was hired as a consultant (real estate appraiser) a couple of years ago to help with a reverse mortgage analysis for retired property owners. The end result was the reverse mortgage could only be 1/3 the total value of the property. The best out come for this property owner was to take out a typical mortgage against the property. Than start a annuity with part of the money and apply the portion needed to cover the 1/3 that would have been reverse mortgage (taken out in cash). This method covers the mortgage free and clear and does not leave the heirs to the estate with a mortgage against the property. The property will be free and clear at the end of the term of the loan or have a large annuity to apply to the debt if paid off early.
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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