Essentially a reverse mortgage is a type of annuity. The bank takes you age and plugs it into a formula. They then essentially bet with you on how long you should live. If you die when they say, they break even (minus what they take for writing the reverse mortgage). If you die before they profit. If you die after you profit. In the end they get the house. As for how an individual plan would work that is where the fine print comes into play. If you really want to learn more find a financial planner to discuss the options.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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