This 'mortgage company' pays 60% of the value of the home. That's all. They own it, but the previous owner can continue to live in his or her own home. Except that the mortgage company can inspect the house and tell their 'tenant' that this has got to be fixed, or that the house needs painted, or that they want new carpet, etc. etc. If the 'tenant' does not comply, eviction proceedings are started.
Tim was horrified.
Why does anyone think this is a good idea? We discussed it as I got ready for work. I mused, "We've spent our whole life together trying to establish financial freedom. He has sold himself back into financial bondage."
I cannot help but wonder why this sort of thing is even legal. It seems like it is preying on the elderly.