Essentially a reverse mortgage is a type of annuity. The bank takes you age and plugs it into a formula. They then essentially bet with you on how long you should live. If you die when they say, they break even (minus what they take for writing the reverse mortgage). If you die before they profit. If you die after you profit. In the end they get the house. As for how an individual plan would work that is where the fine print comes into play. If you really want to learn more find a financial planner to discuss the options.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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