Word: payment
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There have been a few faint signs from Harvard that the University is beginning to realize that its annual in-lieu-of-tax payment to the city could be raised to help keep Cambridge afloat in the new are of Massachusetts fiscal austerity. Last month, for example, the University settled a decade-old dispute with city officials about the Cambridge St. overpass near the Science Center by paying about $150,000 to cover repair costs incurred by the city...
What's left to buy that new automobile, which now has a price tag that defies the law of demand? What's left to set aside for that down payment on a new home? Or Johnny's college education...
Last month the Crocker National Bank solved Boe's cash problem. The mechanism: a reverse mortgage, meaning in essence a loan against the value of her house. For the next six years, she will receive a monthly payment of $746.50. Then at the end of that period, she can sell the home in order to pay back the money or she may be able to take out an additional loan, provided that her home has continued to increase in value. Says Boe happily: "I urgently needed the money. It's my home, and I love...
...baseball mitts. But now American Seed has gone out of business, the victim of childhood corruption. Since 1975, some 400,000 young business people have sent away for the seeds but then pocketed all the sales receipts, instead of returning part of the money to the company as payment for the seed. So far this year, American Seed has lost $600,000 through this small-collar crime...
Michael Shail, 36, of Rhinebeck, N.Y., faces a stunning financial shock next month. On Nov. 1, the interest rate on his $35,000 home mortgage will jump from 8.5% to 15%, and the monthly payment will go from $270 to $437. A computer-programming manager with IBM, Shail says that he will not have to sell his house, but he frets that he will be forced to reduce the amount of money that he is putting away for the college education of his four children...