Posted by Mike (WA) on January 19, 2015 at 16:26:05 from (174.31.194.94):
In Reply to: Re: Reverse Mortgage posted by VADAVE on January 19, 2015 at 15:33:14:
There may have been different types of "reverse mortgages" in the beginning- but as currently written, you can't outlive it- you get to stay for life, and they keep paying you as agreed until you die. Kind of like an annuity. And yes, if you go to nursing home, it can get the payments, as they are a part of your income.
As mortgage company pays you, the balance owed keeps increasing, and with the out-front fees and the way they figure it, if you live 10 years, the mortgage will probably be more than the house is worth, so the heirs will not be able to refinance or sell for the amount owed, and the mortgage company ends up with it.
Property remains in the owner's name, "subject to" the mortgage. I'm sure that the program could have been structured such that the house went into the bank's name, but for reasons that are too complicated to go into here, it is in the bank's best interest to keep title in the name of the borrower, subject to the mortgage.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
... [Read Article]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
