Definitions for "Home Equity Conversion"
Home equity conversions allow the elderly to receive additional income while they remain in their home. There are several options available
A term referring to a variety of plans designed to help older homeowners use the equity in their homes without requiring them to move. The three main types of home equity conversions are: sale-lease-backs, reverse mortgages, and deferred payment loans.
turning home equity into cash without having to leave your home or make regular loan repayments.