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Arlene Said:

BACKGROUND ON Reverse Mortgages?

We Answered:

A Reverse Mortgage is a loan against the equity in the home that provides tax-free cash advances
and requires no payments. It is not due and payable until the borrower no longer occupies the home as a principal residence. No matter how high the loan balance grows, the borrowers or their heirs never owe more than the home's market value.

To be able to obtain a Reverse Mortgage, a borrower must meet the following requirements:
• Must be at least 62 years old
• Own your own home or condominium
• No income requirements
• No credit requirements

The proceeds can be used for just about anything, such as daily living expenses, home repairs and improvements, medical bills and prescription drugs, pay-off existing debts, long-term health care,
to supplement retirement income, and even travel if that’s what you want to do.

Funds can be received as a lump sum, a line of credit, fixed monthly payments for as long as you live in the home, or a combination of these options

The amount that you qualify for will depend on your age, the value of your home, and current interest rates. Reverse mortgage counseling is required from approved counselors, who will review with the borrower what a reverse mortgage is and help you make sure they understand how a reverse mortgage works. These sessions can be done in person or over the telephone.

Elsie Said:

How many bottles of Chivas Regal can clergy buy off a poor old man who donates $160 a month to church?

We Answered:

Chivas varies in price by the age... their most expensive 25 year old whisky goes for nearly $250 a bottle. Small, 50ml shot bottles of their 12 year old whisky can be had for about $3.

http://www.argonautliquor.com/r/producer…