When does the loan need to be repaid?
The loan is typically repaid when you sell your home, permanently move out, or the last borrower passes away. Your estate is given ample time to settle the loan.
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FAQs
Will I still own my home?
Yes, absolutely. You retain title and ownership of your home, and you’re responsible for maintaining it and paying property taxes and insurance.
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How much money can I typically access?
The amount usually depends on your age, your home’s current appraised value, and the lender’s specific programs. Generally, the older you are, the more you may be able to borrow.
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