I never understood this comercial. What’s the difference from an equity loan?
No one is giving money away to anyone unless you are an illegal alien, so this has to amount to an equity loan of some sort.
It’s not a loan. The bank buys back the equity you own in your house and you are free to do with that money whatever you want. For some seniors, especially those who have no need to pass on their property to an heir, it can give them cash for living expenses they otherwise would have to take from accumulated savings.