Help a Little Old Lady-Life Insurance Purchase? - Posted by Carmen_FL

Posted by Tom on November 05, 2000 at 23:12:27:

no one can jump in because the whole story is bs…

Help a Little Old Lady-Life Insurance Purchase? - Posted by Carmen_FL

Posted by Carmen_FL on November 05, 2000 at 14:06:07:

We met a spunky lady, blind and 89 years old, who has a house she needs to sell so she can move into a home. She’s asking $145K, but is willing to lease-option it with nothing up front for $700/month (my kind of deal). It’s worth $170K, no work needed except a LOT of cleaning and new flooring.

Here’s the problem. She finally decided to declare her husband dead, since she hasn’t seen him since WW II (yes, that’s World War II), so she could collect $200K from his life insurance policy. Well, lo and behold, last week the insurance company found him ALIVE (he must be at least 95) in a rest home in another state. So much for her plans to use that money to move. However, she really still needs to get out of the house and into a home - she can no longer take care of herself.

She has a $70K mortgage on the home, but would not be able to afford the monthly payments on a higher loan - right now the church is helping her pay it. She can’t refinance because she has only a minimal income. Rather than re-encumber the home, I thought that if we could find someone to buy that life insurance policy for a discount (no offense, but really, how long can the hubby live?) we could move forward as we had planned.

So does anyone know a LEGIT company/investor who would buy this insurance policy for a decent profit, but not gouge the poor dear? What would be necessary for that? Would it even be assignable?


Re: Help / Little Old Lady-Life Insurance Purchase - Posted by AnnNC

Posted by AnnNC on November 05, 2000 at 20:26:32:

Several questions:
Can you sell life ins policy you have on someone else before they die?
I thought you could do that for your own self, maybe. I don’t know the details about viaticals so wont’ go further with this.

Are they really married? Maybe the insurance company
made a mistake. Is it really him? I wonder what his military record was, was he MIA? It seems the military
would have some record.

There are a lot of in-home services she can get, perhaps at least on a temporary basis until more is
known, plus a property tax exemption for being blind ,in some states, including Florida.

Does he have a military pension? Is he in NHome based
on VA benefits, and is she due a portion of the pension, if so, seems like the NH he is in would owe her some money.could they not find her?

If they are married, he has an interest in her property. Is he competent? Does he have a guardian?

It seem to be a very unusual situation, more information needs to be known, by you, and by her, such as medicaid limits for nursing home elligibility,
I hope someone else will jump in and add some information on that, and also if a reverse mortgage
situation applies here.

Try this! - Posted by Mark-NC

Posted by Mark-NC on November 05, 2000 at 15:10:52:

Hey Carmen,
You got an interesting one this time.

What you are refering to is called “Viaticals”. Typically they are used with terminally ill people But you may have something considering the gentlemans age.

I beleive your best bet would be to post this on It’s free, just go to the site and follow the directions on how to post a note. The nice thing about is you can target it specifically at investors that purchase this kind of paper.

If you post it today you will probably get some response in the next couple days if anyone is interested.

Good luck, call me if you need any help with it.