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kraft-t
Senior Advisor

Re: Need Advice on Land Purchase

That is good Bob. We really didn't have enough information to make an educated recommendation. I don't blame you for not want to air all the details on this forum. I just wanted to make you aware that details do matter and professional help was your best direction.

 

Sometimes these decisions are hard to make without complications. BTW I am highly skeptical that reverse mortgages are  beneficial to the elderly as it so easy for preditors to take advantage of them.

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Jim Meade / Iowa City
Senior Advisor

Re: Need Advice on Land Purchase

kraft-t, sometimes reverse morgages work.  Cae in point: (from Wikipedia byut there are many more online references)

 

In 1965, aged 90 years and with no heirs, Jeanne signed a deal to sell her former apartment to lawyer André-François Raffray, on a contingency contract. Raffray, then aged 47 years, agreed to pay her a monthly sum of 2,500 francs until she died. Raffray ended up paying Calment the equivalent of more than $180,000, which was more than double the apartment's value. After Raffray's death from cancer at the age of 77, in 1995, his widow continued the payments until Jeanne's death.[1] 

 

Jeanne Calment died at age 122.   

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Nebrfarmr
Veteran Advisor

Re: Need Advice on Land Purchase

Our local hospital will take a deed to land, for 'lifetime' long term care.  While it does occasionally lose them money, in the long run it is extrememly profitable, as the 'average' stay is only a couple years, at most, and if they died the next day, the hospital still got the money.

 

I remember hearing about that story you mentioned.  I think part of why the guy made the payments, was because of the scarcity of apartments in the area.

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mike se il
Advisor

Re: Need Advice on Land Purchase

Bob,  I fully understand not wanting to put all the details on here.  But please understand everyone's concern (not knowing everything) for your wife's interest.  If she does not have a lawyer she needs to get one for HER interests.  We don't know how the ranch is divided, but if her half is undivided or in any way tied to her Mom's she needs counsel.

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