WHAT WOULD IT LOOK LIKE?
It would not require monthly payments. You could make a payment any time you want or make no payments at all for as long as you live in your house.
It would have no end date. You can stay in home as long as needed. Seriously.
It would protect the homeowner with strong federal oversight. Counseling, strict government guidelines, right to cancel and more.
It would not leave a debt to children. A “non-recourse” loan, one that makes sure you will never owe more than the property is worth under any circumstance.
It would not affect Social Security/Medicare. That’s a biggie.
It would be open to selling the house at any time. You can sell it whenever you want. You pay the loan and keep the balance.
It would not tax any proceeds you receive. The money you get is not taxable, ever.
It can be paid off at any time without a prepayment penalty. (You can still play the lottery!)