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 - Chores - by Frank Young. The ceaseless passing of time! It is at once our friend and our enemy. It measures our progress and it makes us old. Like most features of our life, few things are all good or all bad, and most such judgments depend on our own perspective or viewpoint. In our particular hobby, we enjoy the nostalgic return to the days of our youth as we recreate many of the scenes that took place on the family farm that served as the stage for the first few acts of the play that is our live
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