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Show WILL SOLVE PROBLEM OF HOME BUYER Equitable Society Stands Ready to Invest Millions in Salt LaKe City. LIFE INSURANCE ALONG WITH LOAN Big Eastern Company Has Evolved Plan With Interesting In-teresting Features. Millions of dollars sre now available for the purchase of homes in Salt Lake. The money will be lent at 6 per chat per annum, principal payable monthly and interest reduced by each pavment. .-' 'fhe company that makes the offer, the Equitable Life Assurance society of New York, has absolute faith in the future of Salt Lake City, having already al-ready loaued nearly 1.750.000 on business busi-ness property. 8o great is the faith of this company in the Toani on buai- enter the residence district and will loan any amount that may be desired for the purchase of homes. The interest asked in said to be the lowest that has ever been offered on residence property in bait Lake. The announcement of the plans ol the company has just been made, together to-gether with the official statement that it is prepnreii to do business in Bait Lake City at once. The money is ready .iust itk soon as the people of this city feel that thev want to take advantage of it. In the minds of leading bankers and real estate men the offer means a boom in home purchasing in Salt Lake City, but 'yuch more than that, too. Kor one ipf the richest companies in the world has absolute faith in the future of Salt Lake City, apd is willing to back the faith with afinost unlimited capital. Right here it may be said that this is not a "something for nothing" or a ' ' get rick quick " plan. The man who lurchssos a home under this system will be expected to pay for it. Can Secure a Horn. Hut it is pOMhible for him to secure a Uonifi nt a price less than many mn now pay for rent, and the borne will lc- hn when he baa got through with thi imvnicntM. l.iffnrd Pinehot, former lnite. iStaiti!. forester, has aaid: "The most valuable citizen of thia or hiv other country ia the man who own the land from which he makes his living. liv-ing. No other man baa auch a stake in the country. o other man lends wueh uteadineM and stability to our national na-tional litV. Therefore, no other question ques-tion concern us more intimately than the question of homes. Permanent homes for ourselves, our children and our nation this is the central problem. Tbe old ayinii 4 Who er heard of a man shouldering his gun to fight 1 for his boarding house t' reflects this great truth: that no man is so ready to defend his country, not only with arms, hut with his vote and his contribution contri-bution to public opinion, aa the man with a ermanent stake in it, as the man who owns tha laod from which he makes his living. "The nation that will lead the world will be a nation of homes." Ma Debt for Wisdom to Pay. One of th big featurea of the plan, uue that will doubtless appeal to many men. is the fact that should he die the home is free, there ia no mortgage on it; the payments end with his death. Another feature ia that he may pay fot hit home in monthly installments for ten. fifteen or twenty years, with the nddcil value that if he lives beyond the period for which he has agreed to pay for the hom. be still carries Ufa insurance insur-ance payable at his death for whatever what-ever amount he may have taken out at the time that the loan was msde. Official announcement of the decision deci-sion of the Konitable eompany has been received bv Elmer A. Bicker, general agent for the company for Utah. In discussing the plans of the company this morning. Mr. Richer said: "The Equitable haa already shown its faith id tha futnre of Salt Lake City. We have made a number of big joans on business propertv in this city and now we are prepared to advance what might be aaid to be an unlimited loan. After reaching tha afro of 50 he haa a decided advantage in being able to retain this protection for his familv at the premium rata charged at age 35, and thia he haa the privilege of doing without regard to the condition of hia health, which maf hava become impaired. Agent Makes Oomparlaona. "Bv continuing to pay rent he would pav $400 per annum for fifteen vears, HrtOO. for which he owns nothing. "By the home purchase plan the monthly installment being $21.78, he would pay fSffl.34 per annum, for fifteen fif-teen vears, (3920.40, a difference of 2"79 60 in favor of thia plan. "Under this plan, first, be haa, with the addition of the original capital of 2000, purchased his home, worth $4000. and. second, he owns an annual dividend divi-dend life insurance policy for $2000, upon which premiums for fifteen yeara have been paid aad annual cash dividends divi-dends hava been received, and which now has a cash surrender value of $46. if desired, or which may be eonverted into a paid up policy for $840, or which may be continued in force for $2000 bv the payment of a monthly premium of $5. If, the policy participating in dividends divi-dends annually. amount for the purchase of homes. 1 think that the p'n will apnal to many of the people of Halt Lake Citv, for it will make them independent of the landlord, land-lord, and thev can secure th money that they may want at 6 par cent interest. in-terest. "In short: The Equitable Life Assurance As-surance society haa developed a plan eombininn; the protection of life insurance insur-ance with (ho purchase of a home, a plan which ia moat attractive to those who desire to acquire the ownership of their homes, a natural ambition in the heart of everv husband and father. "The Equitable will make loaas on nppnved home propertv. to be repaid bv fixed monthlv installments over pc-rinds pc-rinds of ten. fifteen or twenty years, with the additional provision that in the event of the death of a borrower, his loan ia canceled at once hv a nil icv of life insurance issued therewith. The amount of the monthlv install ments will depend on the see of the borrower and the period of the installment!.. install-ment!.. To illustrate: Row It Work Oat. Addition. Features. . "Tha amount du on th loan da creases each month, while tha amount of tha life insurance policy doe not da-ereaaa, da-ereaaa, hence the death of the borrower not only cancela the loan, bnt also furnishes fur-nishes funds to tha family for th oleosa ol-eosa of tha amount of the life insurance insur-ance policy over the balanea then du on tha loan. Rhould death occur just prior to" the and of th fourteenth year, for example, this exceea would be $180.1.74, aad prove most acceptable to the familv at such a time, the home then being free from th loan. 4 4 The loan may he paid off or reduced re-duced by arrangement with tha society, snd tha borrower mav thea contione th life insurance policv at the society socie-ty 'a regular monthlv premium rates. "If the policy has been in force for three rears or more, he may aurreader the same for ite value in cash or paid up insurance, but it will be much more advantageous to keep tha insurance in force for the protection of hia family, after having been able to free his home from encumbrance. "Suppose a man aged ta the tea ant of a home valued at 4iHI on which the annual rental ia 40O. He has 200il avn liable capital, not enough to purchase tb. home, and he continues to pav rent. Tha home pnrcliaae plan fur nishes tha fuada for the loan of f2000. and the borrower pave a monthly in stsllment of 431.78, amounting to 21. 30 par ananm, or a total of tWIi'AO in ftfteea yeara. If the hor rower lives to the end of the fifteen vears. the loan is canceled, leaving the home free from encumbrance, and in addition tha life insnrane policy ia turned over to the borrower unencumbered, unencum-bered, and may b continued by the payment of a monthlv premium of 5.16. with narticinatioa in dividends annually. The policv will the have hcea in force fifteen years, and Jiave established surrender values ia esh or paid np insurance, which mav be tak,en if the holder doea not wish to continue the policv by pavment of premiums. "It will ba manifestly to tha interest of the policy holder to continna the insurance in-surance after th cancellation of the a May Sen If Ha Cares To. rjubject to th approval of th society, socie-ty, the properly may ba aold by the borrower, who may then make settlement settle-ment by (1) paying in cash tha balance due on th loan and continuing pavment pav-ment of premiums era tha unencumbered I policv. which on a monthlv basis will call for a very moderate outlsv in or der to retain the benefits of his insurance; insur-ance; or (Z). surrendering the policy for its cash value towards pavment as 1 shove; or (3. transferring the loan toj the new purchaser (if approved bv the society) subject to an equitably read re-ad rusted monthly installment, varviag with hia age; or (4). substituting another an-other . property acceptable to tha society so-ciety . and valued! not less than tha original orig-inal property. Character of Borrowers. "Tb applicant for a home Durr base contract ia required to ho ot good character, char-acter, engaged in aa occupation acceptable accept-able to tha society, aad to paaa aat.a-faetory aat.a-faetory medical exaraiaatioa. made by a medical examiner of the society." |