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 - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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