nashkid62
1 Answer
PEOPLELOVER
You receive money using your home as collateral and agree to repay the money upon the sale of the house, be that by your selling or your dying.
On dying the holder of the "Mortage" has first claim on the estate.
You agree to pay interest on the loan but you do NOT make any payments to repay the loan which is paid out as stated above.
This is a strategy more suited to owners of property who are in the older age bracket.
Draw back is you pay interest on interest which pushes the repay higher
| 14 years ago. Rating: 1 | |
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