Scrooge & Marner Bank…

Consider this conversation with Mr. Silas Marner, the not-so-friendly banker at Scrooge & Marner Bank.

You speak:

“Good day Mr. Marner. Thanks for taking time to speak with me today about the purchase of an asset of real property. Mr. Marner, the property I want to purchase is valued at $1,000,000.00. Here are the terms I would like to have for this purchase…

• First, I want to purchase this property with no down payment.
• I also want to purchase the property without any credit check and based solely on my willingness to commit to level monthly payments that your bank guarantees will never increase.
• I want a guarantee from the bank that the property will never decrease in value.
• I want any growth in equity value to be tax free.
• If I decide later that I no longer wish to own this property, I want the bank to guarantee that the equity I have built up will be paid to me in cash or as a lifetime income that I cannot outlive and that the property will revert to the bank.
• If I decide that I don’t wish to make payments for some period of time I want the bank to automatically make those payments for me as a loan against my equity at a guaranteed rate of interest.
• If I want to borrow against my equity for any reason, I want the bank to make the loan without question or qualification.
• If I do borrow, I want the bank to only charge me a guaranteed rate that we agree upon before signing the purchase application – even if the loan is requested years into the future – and I want the bank to accept any payments I make, even if they are less than enough to repay the loan.
• If I die prematurely, before the property is fully paid for, I want the bank to pay my heirs the entire $1,000,000.00, less any loans I have taken, regardless of how many payments I have made – even if I die in the very first month after purchasing the property.
• I want to be able to make extra payments and I want the bank to keep track of them for me.
• Finally, Mr. Marner, I want to pay the bank a few extra dollars each month so that if I get sick or hurt and can’t work the bank will make my payments for me.

So, what do you think Mr. Marner; do we have a deal?”

Silas Marner speaks:

“NO! No to everything. Such foolishness is wasting my time. My bank doesn’t work that way.”

A Mutual Insurance Company…

Hmmm! A conventional banker finds these terms ludicrous. However, if you were to apply those questions to a whole life insurance contract from a mutual company, the answers would all be ‘Yes!”.

It’s true, you can purchase a $1,000,000.00 asset that

• requires only that you qualify medically,

• guarantees a tax free increase in equity each year,
• has a guaranteed level monthly payment,
• allows you to take a loan against its equity at will, at a guaranteed rate and that you can repay on your own terms,
• assures your heirs full value of the asset,
• promises to pay your premium if you are sick or hurt or just can’t make a payment for whatever reason.

Wouldn’t a “bank” like that be valuable to you?

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