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To: Haim R. Branisteanu who wrote (14013)	5/16/2004 12:12:22 PM
From: loantech	Read Replies (1) \| Respond to of 110194

Haim I would need you to call Wells Fargo Home Mortgage or Countrywide Mortgage. My details are very skimpy at best. The way it works is you get a loan of about 80% or so + or - of your value. It can come as a lump sum or as an annuity. No payback necessary and you can live in the home until death or the loan term runs out. Very foggy on details here. All this may be bogus. <g> I am going from memory from about 10 years ago which is not good as I am foggy of what happened 10 months ago. tom

To: Haim R. Branisteanu who wrote (14013)	5/16/2004 12:29:56 PM
From: Jon Tara	Read Replies (1) \| Respond to of 110194

Haim, (regarding reverse mortgages) there is an age limit. That is, you have to be at least n years old, where n may vary depending on the bank. I believe I've seen ads in the local paper saying they are available for homeowners age 70 or above. You are guaranteed the payment for life. Thus, the age limit. If there is residual value at death, it goes to the estate. If there isn't the bank eats it, potentially for many years. If you are a yogurt-eating mountain-living Russian - well, they probably won't agree to give you one. :) Charitable organizations will do something similar, should you wish to donate the residual value to them. That is, you can make a deferred gift of your home, and they will make a payment to you for life. The amount of the monthly payment depends on your age at the time that you enter into the trust agreement. (They will also do this with cash. You can donate cash now, and are paid a percentage return for life. The older you are when you make the gift, the greater the percentage payment.)