SAN FRANCISCO - Transamerica HomeFirst has introduced two new reverse- mortgage plans that will allow elderly homeowners in Maryland, Virginia, and the District of Columbia to unlock more of the equity in their homes than was previously available.
One of the plans, called Lifetime HouseMoney, allows borrowers to continue to receive monthly cash advances whether or not they remain in their homes. In most programs, income from a reverse mortgage stops when the borrower leaves the home.
In addition, the plan allows borrowers to use up to $750,000 of their homes' equity.
A second plan, Cash Account, offers a revolving line of credit. Money can be borrowed little by little or all at once. No salary income is needed to qualify.