Quote:
Originally Posted by raymo
We are lucky in Australia, many countries have a death tax system.
Alex, as Renato and I stated, with a reverse mortgage your friend wouldn't
have to leave his home.
raymo
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I should have said there is no way he would borrow one single cent but finding out he has to pay out his brothers stuffs him up. AND for me also I would not borrow a single cent...When in business a credit squeeze hit and I wanted to borrow more cash to buy out rent rolls as agents ran into cash flow problems..well not with standing presenting the bank manager with a fantastic spread sheets showing good, medium and poor projections , all showing good cash flows, not only did he reject my loan application but wanted me to reduce my overdraft...sure with things getting worse that can't happen...I went back to my office and was going to lock the door and throw away the key and leave..however I went inside built a spread sheet showing what came in what was to go out and when and could see if I just felayed paying certain bills on time to match specific income input then I could do without the overdraft, so next day I sought and received extensions on some bills and did very nicely...and to show how you can not shaft me and not get retribution..the bank had a debt with me of $15000 which they overlooked securing..this particular bank manager stuffed up...so when I left the last thing I did was visit the bank manager and told him he could whistle and think of the big favour he did that could have seen me close my business..oh I had found out he was very good mates with my local opposition so there was much more to my loan rejection and call in of overdraft than just business ...so I feel justice was done....HOWEVER from that point I decided that never would I borrow any money ever again.
Main thing is my mate will now have a bigger house and greater security for his future.
Alex