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Maybe some kind of inverse life insurance. Give pile of cash to insurance company and receive monthly paycheck for the remainder of your life. Essentially you a

Maybe some kind of inverse life insurance. Give pile of cash to insurance company and receive monthly paycheck for the remainder of your life. Essentially you are betting on a long life and they are betting on you driving your golf cart off the edge of a cliff. I think products like this exist in my country of residence; I'd be surprised if there is not a similar thing in the US. On a side note, I read at one point that in France there is a tradition (not sure how widespread) of selling your home with the condition that the buyer must wait for you to move out, whether for health reason or because you die, and that you pay no rent while staying. Of course, the price is adjusted accordingly. Again, both parties are making a bet on the duration of your lifespan.

pvdebbe 9y ago
Reverse mortgages are a thing in Finland: "sell" your house to the bank/insurance company and receive extra monthly money. When you kick the bucket, the house is the bank's.
jaclaz 9y ago
JFYI it is a rather common contract in Italy too, besides France, basically "full" property is divided into two parts: 1) "Nuda proprietà" (literally "Naked Property" but actually "bare ownership") 2) "Usufrutto" (usufruct or "life interest") Selling the bare ownership is a rather convenient way to monetize your house when you are old and need some money (for medical expenses or whatever), while retaining the usufruct, which resolves usually to the right to live in it (but could be also be pocketing the income from renting the building). The buyer of the bare ownership, on the other hand, pays in advance a (reduced) amount of money for the asset, but essentially "bets" on how soon it will become available. It is often used also to reduce the amount of taxes payed to the state by the (future) heirs. It isn't really applicable to the US, mainly for taxation reasons: http://publications.ruchelaw.com/news/2016-09/Usufruct-Code-2036.pdf http://publications.ruchelaw.com/news/2016-09/Usufruct-Code-... The above article includes a French table of the percentages attributed to the two parts and here are the same valid in Italy (they are not much different): http://www.tonalini.it/resources/pdf/Usufrutto-vitalizio-Tabella2017.pdf http://www.tonalini.it/resources/pdf/Usufrutto-vitalizio-Tab...

pvdebbe 9y ago

Reverse mortgages are a thing in Finland: "sell" your house to the bank/insurance company and receive extra monthly money. When you kick the bucket, the house is the bank's.

jaclaz 9y ago

JFYI it is a rather common contract in Italy too, besides France, basically "full" property is divided into two parts: 1) "Nuda proprietà" (literally "Naked Property" but actually "bare ownership") 2) "Usufrutto" (usufruct or "life interest") Selling the bare ownership is a rather convenient way to monetize your house when you are old and need some money (for medical expenses or whatever), while retaining the usufruct, which resolves usually to the right to live in it (but could be also be pocketing the income from renting the building). The buyer of the bare ownership, on the other hand, pays in advance a (reduced) amount of money for the asset, but essentially "bets" on how soon it will become available. It is often used also to reduce the amount of taxes payed to the state by the (future) heirs. It isn't really applicable to the US, mainly for taxation reasons: http://publications.ruchelaw.com/news/2016-09/Usufruct-Code-2036.pdf http://publications.ruchelaw.com/news/2016-09/Usufruct-Code-... The above article includes a French table of the percentages attributed to the two parts and here are the same valid in Italy (they are not much different): http://www.tonalini.it/resources/pdf/Usufrutto-vitalizio-Tabella2017.pdf http://www.tonalini.it/resources/pdf/Usufrutto-vitalizio-Tab...