Instead of paying up to 5 percent in closing costs, the owner pays a small application fee of $300. No credit check is required nor is there an income requirement. If the owner does not meet the Equity Key requirements for some reason, the application fee is refunded.

One of the most important advantages about the Equity Key program is that the owner does not have to occupy the property as his or her primary residence. This means that if the owner becomes ill and has to live elsewhere, the property can be rented rather than having to be sold. Equity Key does require the owner to continue to make repairs, keep the property in good condition, and provide adequate insurance.

Property owners can use this program to fund a down payment for their children without touching their personal nest egg. They could also use the money to update their home to fit their needs as they age. Another use would be to purchase long-term health insurance with an extended care option. Alternatively, it could provide the money they need to live a happy, fulfilling retirement rather than just scraping buy.

Because this Equity Key is a transfer of real estate, they do pay a commission to agents. This is an entirely new way of earning a commission without having to displace an elderly homeowner. It will be interesting to see whether this new model expands to other states as well as to those who may have a smaller