But the loan also is due if the borrower offers the home or transfer to another house and leas the house that is the security for the reverse home mortgage. Normally the home is sold and the sale proceeds are utilized to pay the reverse home mortgage. However if the property owner or the homeowner's beneficiaries have sufficient funds, they can utilize those funds to pay the reverse home mortgage and keep the home.

When the loan balance is more than the sale proceeds of the home, the…

Retirees who are counting on utilizing their home equity to help fund transition to assisted living; those who want to keep their house in the family or protect their inheritance for their successors. Borrowers presently paying above-market interest rates; debtors who wish to shorten their loan term; customers who desire to change an ARM with a more predictable fixed-rate; debtors dealing with a balloon payment.

Homeowners looking for a home equity loan who would also take advantage…