A Better Alternative to the Reverse Mortgage.
Under HERO a senior citizen homeowner and an investor come together and make an agreement under which the homeowner receives cash equal to a percentage of equity and the investor acquires the right to buy the property at a discount upon the death or relocation of the homeowner.
- Baby boomers are beginning to retire
- They have inadequate savings for retirement
- Company pensions are insufficient and have been disappearing for years
- Section 401(k) plans have suffered large losses recently
- Social Security is likely to be cut back
- Reverse mortgages are costly and have other problems.