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A New Kind Of Loan: In Reverse


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This has got to be rolled out here at some point:

http://www.aarp.org/money/revmort/revmort_...21-newloan.html

No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

Not sure how common it is in the US, but it seems to be like MEW except you don't pay anything until you die and then if you have spent it all the lender gets your house. Seems like a good deal for some peoeple.

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This has got to be rolled out here at some point:

http://www.aarp.org/money/revmort/revmort_...21-newloan.html

Not sure how common it is in the US, but it seems to be like MEW except you don't pay anything until you die and then if you have spent it all the lender gets your house. Seems like a good deal for some peoeple.

It is a great deal..... for the Company offering it.

I might do the same here. I'll find some granny, give her £30k to see out her days and get her to sign me over her house once she's died.

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It is a great deal..... for the Company offering it.

I might do the same here. I'll find some granny, give her £30k to see out her days and get her to sign me over her house once she's died.

Don't we call it 'Equity Release' here in dear old Blighty, much the same thing!

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