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Monopoly and Mortgage: Playing the Game
from: James MonahanRemember monopoly? Remember mortgages? You know, the text that's
written when you flip your title deed. Flipping the title deed
means your property is on mortgage and you'll get money from the
bank.
Sounds simple right? Wrong. There's much more to it than that.
Here are the things you need to know about the game and how to
get most out of your mortgages.
The idea of the game is to buy and rent and sell properties so
profitably that one becomes the wealthiest player and eventual
"monopolist". Starting from "go" move tokens around the board
according to the throw of dice.
When a player's token lands on a space not yet owned, he may buy
it from the bank: otherwise it is auctioned off to the highest
bidder.
The purpose of owning property is to collect rents from
opponents landing there. Rentals are greatly increased if you
put houses (those little green ones) and hotels (those dreaded
red infrastructures).
So your best bet in winning the game is to put the most houses
or hotels in your lots. (That's assuming you don't land in your
opponents' lots with houses or hotels).
To raise more money, lots may be mortgaged to the bank. Here
comes the tricky part. That includes deciding which lots to
mortgage and how you can get the most out of your mortgaged
property.
Mortgages in monopoly can be done only through the bank. The
mortgage value is printed on each title deed. The rate of
interest is 10 percent, payable when the mortgage is lifted. If
any property is transferred which is mortgaged, the new owner
may lift the mortgage at once if he wishes, but must pay 10
percent interest.
If he fails to lift the mortgage he still pays 10 percent
interest and if he lifts the mortgage later on he pays an
additional 10 per cent interest as well as the main value.
Houses or hotels cannot be mortgaged. All buildings on the lot
must be sold back to the bank before any property can be
mortgaged. The bank will pay one-half of what was paid for them.
In order to rebuild a house on mortgaged property the owner must
pay the bank the amount of the mortgage, plus the 10 percent
interest charge and buy the house back from the bank at its full
price.
When you mortgage a property, you can use the money for anything
you want to, so long as it's legal under the rules of monopoly.
The only restriction in this regard is that a player cannot
pre-mortgage a property to finance its own purchase.
For example, say a player wants to purchase Boardwalk but can't
do it with his or her current assets. That player cannot say,
"I'm going to buy Boardwalk by mortgaging it, and then using the
money I get for the mortgage to complete the purchase." You must
own a property before you can mortgage it.
Playing the game is fun and it will give you an idea of how it
is in the real buy and sell world. There are also the Community
Chest and Chance spaces which players land on. Instructions
ranging from winning $25 dollars to $500 dollars are given.
Sometimes players even land in jail! This game is definitely a
clever and amusing entertainment.
About the author:
James Monahan is the owner and Senior Editor of PresentMortgage.com
and writes expert articles about mortgages.
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