A viatical settlement is the sale of a life insurance policy by the policy owner before the policy matures. Such a sale, at a price discounted from the face amount of the policy but usually in excess of the premiums paid or current cash surrender value, provides the seller an immediate cash settlement. Similar to reverse mortgages, viatical settlements involve insured individuals with a life expectancy of less than five years. In countries with high health care costs (such as the United States), this is a practical way to pay extremely high health insurance premiums and other senior care expenses that severely ill people face. Some people are also familiar with life settlements, which are similar transactions but involve insureds with longer life expectancies (two to fifteen years). - From Wikipedia and other sources 5/2007Considering the Reverse Mortgage Method?
Reverse Mortgage
After (40) years of bump, thump, bang and wang I ran into the Reverse Mortgage. What a great opportunity for us to cash in on some incredible growth over the last several years in the real estate market. While values bounce around up and down the overall trend has risen over the years. As a younger person I was busy raising a family and now its time for us. Finding such a marvelous financial vehicle as the reverse mortgage is great!
Moving by selling our property was an option but we've become so accustomed to our environment we felt staying put near familiar surroundings was still the best for us. Our children and grandchildren live close by as well. We essentially felt that we wanted to have a close relationship with all our family members - so the decision to stay put was pretty easy to make.
With some savings, a small pension, social security and the availability of equity in our home the decision was even easier and comfortable. I discovered in the research phase that using some of our home equity did not encumber or endanger the ownership of our home. Neither did it create a re-payment provision. The ease and flexibly of this type of transaction put our minds to rest knowing that we were not endangering our ownership aspects.
I found that implementing the program was quite simple, easy and non-intimidating. We felt no pressure to make a decision either way and appreciate the patience and the way in which our inquiry was handled. Usually, at least for most of us, making decisions and setting up strategies can create a great deal of anxiety and stress. But, to our surprise frankly we found that setting up our reverse mortgage was very easy and simple to do.
You can go to http://www.reverse-mortgageonline.info for more precise and exact information on a reverse mortgage.
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