The way these work is to essentially turn your house into an annuity. You're selling your house, presumably at below-market price, but instead of cash you get a guaranteed cash flow plus the right to live in your house. I assume you have to agree to keep the house insured and in good repair. I would also assume that you agree up front to let them make repairs out of your annuity proceeds if they deem repairs are necessary and you don't take care of them in a reasonable length of time.
Back when interest rates were high it made a lot more sense than it does now. With real estate values in the toilet and interest rates close to zero, you're better off to hang on to your house if it's paid off or you can afford to keep making payments.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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