Mortgage’s In Europe

I found this to be very interesting.  Madeleine Schlosser needed more cash, so last year, at age 82, she sold her Paris home.  That may sound like a risky decision. But the sale terms allow Ms. Schlosser to live in her apartment until she dies. The two buyers paid her 18% of the property’s market value up front, and now pay her a monthly pension. With the money, Ms. Schlosser has financed costly dental work and says she can “live more properly.”  A troubling aspect is that buying a property like this amounts to betting that someone won’t live beyond a certain age. If they do, the buyer loses out. In one famous case, a Frenchwoman called Jeanne Calment, then age 90, sold her house in 1965 in a viager arrangement to a middle-age acquaintance. Thirty years later, he died; she turned 120. His children kept paying her monthly pension until she died, at age 122, believed to be the world’s oldest person.”