- You get to stay in your home as long as you want.
- Pay off your old mortgage or any other debts.
- There are no monthly mortgage payments to make (property taxes, insurance and maintenance must still be paid)
- You receive non-taxable* money on your terms:
Credit line for emergencies
Lump sum distribution
Any combination of the above
- Your estate will never owe more than your home is worth.
- Your heirs will inherit the home and keep any remaining equity after the balance is paid off.
- Loan proceeds are not taxable.