Flashcards
Week K Cue Cards
Flashcards do conjunto (9)
- 1What is house rich cash poor?Home value - Mortgage Balance
Retirement = drop in income, all money is in equity of home - 2Three forms of Home Equity ConversionReverse Mortgage
Life Estate
Sale Leaseback - 3Why move into retirement housing?Too much space in home,
Want accommodations
Don't want ownership chores
Live with similar aged people - 4Three Retirement optionsLoan Stock Arrangement
Shared Equity Arrangement
Life Tenancy - 5A loan stock arrangement is where the tenant pays an interest free loan to sponsor of house project. Then it is refunded upon Death. T/FTrue
- 6Shared Equity is where the tenant buys a part of the dwelling and receives a portion of appreciation too. T/FTrue
- 7Life Tenancy is where senior prepays rent on a unit in lumpsum. Price of tenancy is based on age, marital status etc. T/FTrue
- 8What is a Life Lease?Buying the right to live somewhere (not own it) and then you can sell rights to live there at market value
- 9What is good about life leases?Sense of community with board/property management etc.