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LoanWell America -- Reverse Mortgage Specialists

Learn about reverse mortgages and how LoanWell America is helping seniors. This originally aired on Fox Business News, 3/29/2009

Complexities of reverse mortgages snag homeowners

Well into their senior years, Kenny and Fran Goodnow were struggling to pay their mortgage in 2007 when a salesman offered what seemed like a wonderful solution.

A reverse mortgage would tap the equity in their St. Petersburg home to pay off their existing loan and give them extra cash for travel, a new car, a nest egg. Best of all, they could stay in their house.

The couple only had to take care of the property taxes and insurance, which totalled barely $100 a month back then.

"He told us you get paid every month instead of you paying the bank,'' said Kenny, now 87.

Soon after, their insurance premium jumped so high they could not afford it. They fell behind on their bills. The reverse mortgage company demanded that they pay $217,000 or lose their home of 25 years.

The couple now wish they had better understood the seemingly simple reverse mortgage, a frequent lament of homeowners who turn to what is actually a complex financial product. And as increasing numbers of baby boomers become eligible for reverse mortgages, concern looms that many others could find themselves in the same predicament as the Goodnows.

3 Pot Stocks to Play Florida's Burgeoning Medical Marijuana Market

Florida could be a surprisingly strong market for cannabis investment

Though Canada is the most legitimate of all marijuana markets for investors, it's the U.S. that's considered the biggest opportunity. If it were legalized at the federal level, the U.S. cannabis industry would leave Canada in the dust. That's why investors have focused their attention on a number of key U.S. states -- among them, Florida .

Sales estimates for Florida's medical cannabis industry vary wildly. Whereas BDS Analytics and ArcView foresee $1.09 billion in medical weed sales for Florida by 2020, GreenWave Advisor and New Frontier estimate sales of $936 million and $727 million, respectively. Regardless of whichever firm is closer, the fact remains that Florida offers big-time potential in the short- and long-term for medical marijuana companies. 

Also remember that Florida is one of the top states that retirees call home, and is therefore the perfect state for medical pot companies to focus on. Aged Americans have a higher chance of being diagnosed with ailments that medical cannabis can potentially treat than younger adults, making the Sunshine State a sound market for investment.

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