Any Bankers on here?
Some of my Senior Single friends purchase RV's on the "Thousand dollars down and twelve years to pay it off" plan. My question is, "What happens when they expire three years into the twelve year co...
Forum Discussion
afidel wrote:pnichols wrote:
If the old geezer owns a house, they should always buy an RV by opening a small mortgage on their house to pay just for the RV. Mortgage money has the lowest interest rates and of course can be borrowed against a 30 year payback.
An old geezer can't get any lower monthly RV payments than that.
Actually if they're smart they've transferred the home to a trusted child so that it's not considered an asset, either of the estate or for Medicare nursing home purposes. Transferring a home before the Medicare lookback process is one of the best ways to transfer wealth to your kids.
but they would run into that $10,000 rule, or it was 10K in my experience for "gifting". also, are the state/feds going to ignore that increase in value from $7,000 when purchased to $500,000 now?
bumpy
