But the loan also is due if the customer sells the house or transfer to another home and rents the home that is the security for the reverse home loan. Usually the house is offered and the sale earnings are used to pay the reverse mortgage. However if the property owner or the homeowner's heirs have enough funds, they can use those funds to pay the reverse mortgage and keep the home.

When the loan balance is more than the sale proceeds of the house, the federal government compensates…

Retirees who are depending on utilizing their house equity to assist fund shift to assisted living; those who want to keep their house in the family or preserve their inheritance for their beneficiaries. Borrowers currently paying above-market rate of interest; customers who want to reduce their loan term; borrowers who want to change an ARM with a more predictable fixed-rate; debtors facing a balloon payment.

House owners looking for a home equity loan who would also benefit from…