Seniors get unique alternative to reverse mortgage
Equity-share model rewrites rules on occupancy, upfront fees
By Bernice Ross, Friday, March 14, 2008.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.
more...
Premium Member account.
Premium Members have full access to all news archives.
Buy Now Purchase 1-year Premium Membership - $149.95
OR
Buy Now Purchase Monthly Premium Membership - $19.95
All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.
