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The term Viager is French real estate term in which property is exchanged for a life annuity. A Viager is essentially the same as a Reverse Mortgage. In a Viager, the owner of the property receives a "bouquet”, which is an initial down payment for the property after which they receive monthly "rente" until the seller’s death.
Bankapedia's TakeThis little anecdote comes from www.bestfrenchmortgage.com and sums up the benefits and dangers of a Viager: The viager can outlive actuarial expectations. The most famous case is that of Jeanne Calment, viager and André-François Raffarin the purchaser. Raffarin purchased Madame Calment’s apartment when she was 90, in 1965. She went on to become the oldest person on earth, dying in 1997, aged 122. Raffarin died in 1995, by which time he had paid her more than €140,000 rent.
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