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Reply to "Personal loan for assisted living?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]How does the debt go away when the borrower dies?[/quote] +1000000 This doesn't happen OP. [/quote] If there are no assets at the time of death, yes it does. Who would be paying? I do not know who would finance that type of loan but seniors do it with credit card debt so maybe?[/quote] Technically you are correct. The debt would be paid from the assets of the estate, and if there are no assets then the debt goes unpaid. The thing is that there’s no real way for an elderly person with no assets to borrow enough unsecured money to pay for assisted living. That part of the initial premise just wouldn’t happen. [/quote]
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