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Caregiver Loans: Keeping Money in the Family

Could there be a way to help senior homeowners with their-cash flow needs without saddling them — and ultimately their families — with high costs?That’s a key question at a time when millions of seniors are flooding into their post-retirement years, many of them with equity in their homes but insufficient income to handle expenses over the long term. If they want to stay in their homes, they can opt for a government-insured reverse mortgage, which may provide them cash in exchange for repayment plus interest after they die, move out or sell. Or they can apply for a home equity line of credit from a bank.But there are problems with both choices. The dominant government-insured reverse-mortgage program comes with high upfront lender fees, mortgage-insurance premiums and newly toughened financial-qualification requirements. A home equity credit line may be difficult for seniors to obtain because they cannot qualify on credit or debt-to-income grounds in today’s stricter underwriting environment.Starting May 1 nationwide, however, some seniors have a new option — one that ties into increasingly popular “peer-to-peer” lending. It’s a family-funded reverse mortgage known as the “Caregiver” loan.

Source: Loan plan keeps money in the family | The Seattle Times

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