2. Give Russian equivalents to the following words and phrases:

mortgage payment, accounts for 5 % of the budget, to own one’s own home, apartment, apartment building, single family house, place of residence, despite, expense(s), expenditures, climbing rent, shrinking taxes, in many instances, for instance, as is the case with, rarely, loose cash, to collect a sufficient sum of money, it’s not smart, to freeze up funds over a long period, to owe (to the bank), interest on the mortgage, original debt, to impose taxes, overall sum, a return mortgage, to reach a specified age, a certain number of, in full, single material possession, to go further, a common form of earning a living.

3. Find in the text English equivalents to the following phrases:

залоговый кредит, заем с залогом, выплачивать долг, прежде всего, не отставать от, опережать, отставать, позволять (давать возможность), бороться с инфляцией, между прочим, если необходимая сумма имеется, пускать деньги в оборот, вносить наличными, зарабатывать на этом, растет в цене, деньги, вложенные в собственность, постепенная выплата долга, охотно идут на такие операции, не ограничиваются приобретением дома для своей семьи, зарабатывать на недвижимости, суть в том, что…, связанные с…

4. Say whether the following statements are true, false or there is no information on the subject in the text.

1. Mortgage is a legal arrangement by which you borrow money from a bank or similar organization in order to buy a car.

2. A bank owns your house or a flat until the debt is paid up.

3. It is wiser to own one’s home than to rent a house or an apartment.

4. Like Americans many Europeans strive to own the places which they call home.

E. Find in the text phrasal verbs that mean:

выплачивать сполна, сопровождать, держаться наравне (не отставать), отставать.

F. Say which paragraphs contain information corresponding to the information in the following sentences.

1. Many elderly folk take part in the so-called “return mortgage”.

2. Americans do not pay taxes on the mortgage.

3. It is much more profitable to keep money in circulation.

4. Real estate deals are a common form of earning one’s living.

TEXT 11 INSURANCE

1. Read and translate the text.

1 Under capitalism this is one of the very widespread forms of services. Without insurance, it is difficult to survive and if there is a demand for something, there will be no lack of goods.

2 At a minimum, people insure their dwelling, property, car, and health. In many states, car insurance is mandatory. Insurance payments, as a rule, make up an important part of the family budget. They insure, in reality, almost everything: life, professional activities (inthe event that you make an error), lack of crops in the event of drought, medical expenses, etc.

3 The cost of health insurance, medical and life insurance, depends on your age: the older you are, the more it costs; insurance of professional life depends on your experience, professional work record and your history with malpractice suits⁵³. Analogously, if someone has on one's record several car accidents, his automobile insurance will be more expensive. Besides these factors, they also take your age and sex into account. An increase in insurance payments depends also on an increase in coverage. Typical life insurance, offered by many employers, equals a two-year salary.

4 Insurance of professional life sometimes is so expensive that some businesses go bankrupt from the costs. Insurance companies, nevertheless, do quite well. As a rule, they use their earnings to invest in real estate and often act as construction firms. In this way, they fulfill another important function for society: money for insurance collected from the population participates in socially useful activities and is a boost to the economy.

5 In America, few families do not buy an insurance policy because insurance is, after all, connected to a fundamental aspect of life - caring for health. Nonetheless, there are people who do not buy insurance, medical included, relying on their own health and good luck. For those who cannot dictate their fate, such behaviour is shortsighted and dangerous.