I am retired and seventy years old. Can I borrow $50,000 on an interest only basis to be repaid from the proceeds of the sale of my house at the time of my or my wife's death? My house is valued at $124,000 and there is a mortgage owing of $20,000 that I would pay off from the new advance.
You can ask your bank about a reverse mortgage. If your bank isn't making these loans, ask if they know a mortgage lender who is or search on the web for one.
A reverse mortgage is one in which the lender sends you a payment each month. The loan amount grows each month as these checks are paid to you. Upon death, the house is sold and the loan is paid off. Your heirs would have whatever equity remains.
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You can ask your bank about a reverse mortgage. If your bank isn't making these loans, ask if they know a mortgage lender who is or search on the web for one.