Industry News

Seniors get unique alternative to reverse mortgage

Equity-share model rewrites rules on occupancy, upfront fees
Published on Mar 14, 2008

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Seniors currently hold $4.3 trillion in home equity. Sadly, many of them are unable to access this resource without selling their homes or obtaining an expensive reverse mortgage. Today there's a new model for helping seniors tap into their equity that may become a widespread alternative in the not-too-distant future.

Until now, if you were over the age of 65, there were few alternatives for using the equity from your home. You could refinance, but you had to qualify, pay points and fees, and make monthly payments.