"Mike Coslo" wrote in message
...
Ryan, KC8PMX wrote:
Actually Jim, I think the things I am gonna mention are what are called
reverse mortgages.

My dad (going on 68) is contemplating taking both of his residences and
reverse mortgaging them. Apparently the bank gives him money ahead of
time
for the value of the house (a little less than market value) and upon
his
death, the property is immediately transferred to the mortgage company.
I
may be a little bit off on the explanation but it is kinda my
understanding
of how it works. I guess this way he gets the opportunity to enjoy the
money/value of the residences now, while he is still alive, as opposed
to
leaving it to my sister and I.

Trust me, that is a better solution.

- Mike KB3EIA -

Reffering to the old man leaving money to the kids, versus enjoying it now??
He stated a long time ago, that my sister gets everything! Don't really
care as long as he doesn't leave expenses we might be liable for. I have
actually provided for myself since I moved out after I turned 18. Now if
others want to leave me in their will, that is just fine HIHI!



--
Ryan KC8PMX

"All of us could take a lesson from the weather. It pays no
attention to criticism."