Islamic loans are versatile. Some people think incorrectly that these Islamic mortgages don’t have some of the options their more traditional western counterparts do, but nothing could be further from the truth. Once you’ve been paying into one of these loans for a length of time, you will have built up a certain amount of equity that you can draw on for a variety of different projects.
One of the benefits to having equity is the possibility of a reverse mortgage. This is an option whereby the homeowner can take a portion of the money they’ve built up in their home and covert it into cash that usually doesn’t need to be repaid until the home is sold………………………………………..Full Article: Source