The Private Reverse Mortgage

We are or will be trying to navigate the retirement waters. CS Monitor is describing the Private Reverse Mortgage. Read about the details. Not all families would be able to do this, but some might. It has many advantages over the bank funded Reverse Mortgage.

CS Monitor: Reverse mortgages are expensive. Try a family loan instead.

Without tapping their home equity, 3 in 5 seniors are at risk of running out of money, according to a March report from the Center for Retirement Research at Boston College in Massachusetts.


(A Private Reverse Mortgage)


Here's how it works: Family members regularly forward funds to the senior, who uses his or her home as collateral. The payments, along with the interest received by the lenders, is tracked and recorded. When it's time to sell the house, the investors recoup their contributions and the interest.