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claiborne
Apprentice
Joined: 25 Oct 2007
Posts: 2
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 Posted: 05/25/09 - 05:14 Post subject: |
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| Hello everybody. My wife and I are retired for some 5 years or so. Since our retirement plans weren’t the best ones, we are struggling a little bit with our budget. Our son advised us to take a life loan. We are not quite familiar with it, so I would appreciate if someone could tell us what are Life Loans? Thank you in advance for your posts. |
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thoma
Apprentice
Joined: 07 Oct 2006
Posts: 2
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| Posted: 06/23/09 - 21:27 Post subject: |
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| Hello to you too. Life loans are loans for people just like you, who are retired and with tight home budgets. By taking a life loan, you use your property as a guarantee for the loan. You can get either the lump sum or sum divided into monthly payments. One significant detail is that you don’t have to pay back the loan in case of death. But then, your property will be taken away by the bank. How much money you can get depends on your age and the value of the property. If you are between 65 and 69 years old, you can get 20% of the property’s value and if you are over 80, you can get 30% of your property’s current value. In general, life loans are a good way to secure some additional income, but you have to prepare your beneficiaries for the fact that you might not leave them any property. That would be all from me. Take care! |
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