Posted by JMS/.MN on April 01, 2013 at 14:08:38 from (209.237.125.241):
In Reply to: Life mortgage? posted by Spook on April 01, 2013 at 09:53:55:
Around here it"s called a "life estate".....means someone buys the farm, (typically to expand his land base), and lets the PO stay in the house until he dies, while new owner pays taxes and upkeep on the home. (Good to include adjustments for well, furnace, etc. repair/replacement). Relieves the seller of worries inherent to moving off the farm. It is not a reverse mortgage. Financing can be typical of any other sale.....C4D with typical 29% down to seller), bank mortgage, etc.
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