That’s where a company pays a monthly fee based on the value of a house..basically they buy the home from the owner…when the owner (who is usually elderly) dies the company owns the home. A great deal for them…
Its usually for old people who have their house paid off and there are companies that will give them money in monthly payments. But when they die the house goes to the company vice to their children.
It is usually for older people who have their house paid for and want to use the equity in it to live out the rest of their lives with a guaranteed monthly income.
it may seem like a good deal, but it is only good for the company. In exchange for a deed or contract of some sort, they will pay the occupant a mortgage payment each month, instead of the other way around. The company is betting that the elder person will die without having paid too much to them, and then the property is theirs, with all the equity.
That’s where a company pays a monthly fee based on the value of a house..basically they buy the home from the owner…when the owner (who is usually elderly) dies the company owns the home. A great deal for them…
jdrumming | Aug 27, 2010 | Reply
Its usually for old people who have their house paid off and there are companies that will give them money in monthly payments. But when they die the house goes to the company vice to their children.
adam m | Aug 27, 2010 | Reply
It is usually for older people who have their house paid for and want to use the equity in it to live out the rest of their lives with a guaranteed monthly income.
What’s with the cursing? LOL
†Ask Me Anything† | Aug 27, 2010 | Reply
it may seem like a good deal, but it is only good for the company. In exchange for a deed or contract of some sort, they will pay the occupant a mortgage payment each month, instead of the other way around. The company is betting that the elder person will die without having paid too much to them, and then the property is theirs, with all the equity.
DeeDee | Aug 27, 2010 | Reply