Hypothetically, suppose a person who is close to retirement, who has comfortable savings that will last his/her lifetime( if need not to pay monthly mortgage) and is close to retirement and has 2 or 3 kids who are independent and working ( and does not need any financial support).
This person has a home suppose valued at approximately 800K with a outstanding loan of about $400K and about 18 more years to full payment.
So if the person want he can go for reverse mortgage ( where some money will be paid every month to the person) or Jumbo Loan ( where low interest payment will be required per month).
The person does not like either options and he want a product that will not require any monthly payment from/to him/her and still be able to live in home. and upon the natural death of him/her and surviving spouse, the home be sold and proceed to pay off the balance and any remaining portion to be given to the kids.
So the question is , what (if any) is this product called and how to get it?
The home is in an area where home values had a normal growth( not steep ).