Texas Tech University

If homeowners maintain their homes and keep up with tax and insurance payments, they keep title to their home until they die or sell, and at that point the loan must be repaid, often with the proceeds of the home's sale.

"It can kind of replace a home equity line of credit," said John Salter, a wealth manager at Evensky & Katz/Foldes Financial Wealth Management and an associate professor of financial planning at Texas Tech University. Salter said he has put three clients in these loans: two because the lines of credit offered a backup in the event they needed them to supplement their savings, and one who refinanced the last of a traditional mortgage with a lower interest line of credit.

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