A common problem among aged homeowners is that they no longer have the income to service their mortgage, and don’t have a good way to convert the substantial equity in their house into cash flow. The case below is typical.

"I am a 67-year-old widow with a mortgage of $414,000 on a house valued at $1.25 million. I can no longer afford the mortgage payment and property taxes, but the lender will not discuss modifying my loan contract until I am behind three payments. I don’t want to destroy my credit, and have been borrowing from family to stay current. Is there anything else I can do?"

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