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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 - |
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