Income Advantage is a reverse mortgage, a loan secured against the value of the home. If your clients want the convenience of monthly or quarterly advances, Income Advantage is the product for them. Unlike a loan or a regular mortgage, with Income Advantage you are not required to make regular mortgage payments. The loan is repaid only when the homeowners no longer live in the home.
The homeowner is required to keep the property in good condition, up-to-date with property taxes and home insurance. The money received is tax-free and can be used however the homeowner wishes.