A Reverse Mortgage Alternative In California - 09/01/08 08:35 AM
Reverse mortgages in California have become extremely popular. They can be a great tool to help a senior citizen increase their income. The costs of a reverse mortgage (usually 5% to 8% of the loan amount), however, make it extremely expensive to obtain.
A new reverse mortgage alternative is available for senior citizens in California. It is called Nestworth. Here is how the program works:
A homeowner that is at least 60 years old enters into an Equity Access Agreement with Nestworth. This agreement exchanges monthly payments to the homeowner in exchange for a portion of the future equity in the home. Unlike a reverse mortgage, debt does … (4 comments)