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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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