h a l f b a k e r yNo, not that kind of baked.
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If you lose your job, reverse the mortgage so your equity
pays you each month. When new employment is secured,
switch it back. This would save on defaults and
foreclosures.
A small fee would be incurred when switching the thing
around, payable when you secure new employment and get
money
coming in the door again.
Another possibility is to make the mortgage payments
using the equity in your house.
Both ideas would add to your loan duration but I'm thinking
the bank would rather have your regular monthly payment
than a foreclosed house anyway.
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Annotation:
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Interesting proposal. But would people ever bother to pay
off their house or simply use it as a savings account? |
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There are bank current accounts secured on property equity. Payments in diminish the outstanding balance. Interest is payable on the full amount of the loan. |
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