Radio and television ditties nag us all with promises of great mortgage deals for borrowers who have bad credit. Well, what about those of us with perfect credit? Where’s our deal?

If you are one of those home owners (or home owner wannabes) who have excellent credit and yearn for innovative ways build up home equity while preserving a low interest rate, this may be your answer. It’s not a new mortgage tool. Rather, it’s an old tool being used in a new way…and with notable success.

Some time ago, I told an inquiring reader the steps he must take to avoid foreclosure on his home. He did not like--or perhaps would not hear--the truth about his situation and he took no action to help himself. Recently, he and his distraught wife watched as the sheriff had their furniture and possessions removed from what used to be their home. After missing over a year of mortgage payments, their home had a new owner.

Foreclosure is ugly, but rarely necessary. Home owners usually know it’s coming, and they have many months during which they can take corrective action.