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Politics : Bill Clinton Scandal - SANITY CHECK -- Ignore unavailable to you. Want to Upgrade?

To: Lady Lurksalot who wrote (7308)	10/5/1998 7:31:00 PM
From: pezz	Read Replies (1) \| Respond to of 67261

Holly ,Let me tell you what I found out. My widowed mother can get something like $700 per month on a house worth $150,000 In up state NY. BTW if she lived several blocks away that figure would be $900 per month.She can get this amount for the rest of her life without moving out of the house. The figures vary depending on age, house value,location, type of plan [there are many]and lender.Income is of no consideration and no payments are made as upon death the house is sold to pay the debt.There is a webb site where you can get all the information on this you would ever want .I believe something like reverse mortgage.com .The bad news is that the lender has so many fees and what not that the heirs get screwed.In my case I have decided to send her some extra money to preserve the house's value. but in spite of its potential draw backs the fact remains that the house's value can be turned into income. pez