Quote:
Originally Posted by Buehler445
Florida is the better place and probably better house, other than the saloon, which is awesome.
But it’s not good enough to overcome the stipend. TX for me.
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This raises another interesting point.
What's the rule on encumbrances?
You're looking at a $35 million gap in property values here. It'll take nearly a century for you to close that gap based on the differences in the respective stipends.
Or - you just slap a reverse mortgage on the thing and go to town.
I guess the work around would be that you have a life estate in the property rather than take it in fee simple. It solves a couple of problems. In a life estate you can probably get a mortgage set up if the remainderman agrees to it (the person that gets it after you die). So for instance, on the RI castle, you could probably get him to agree to a HELOC if you're going to use it to make improvements to the property.
But if you're going to use it to buy and fly a G5 and spent six figures a year on Cuban hookers in of the Florida house, the remainderman isn't gonna be terribly excited about that.