It wasn't that long ago that the very first reverse mortgage alternative, the REX Agreement, was launched. Despite its youth, this method of home equity lending has spawned several alternatives that people are currently taking very seriously as they look at the methods of adding income to their lives. There are variations between these different programs but they all offer the chance to get money now and pay it back later in the form of an equity stake in the home.
People who have used the REX Agreement and other alternative reverse mortgage loans generally seem happy with the results. However, only time is going to tell whether or not they're pleased in the long run. It's easy to be happy when you're still living in the home and using the money from it but it may be a lot less happy when it comes time to sell the home and the seller has to fork over a huge percentage of the price to the lender.
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Question of the Day: Are we going to see more and more reverse mortgage alternatives or have most of them already hit the market?
