'Line of Credit' Category Archives

Reverse Mortgage Line of Credit & Growth Rate Explained

December 2, 2020 84 comments

In 2021, the reverse mortgage line of credit continues to be the most popular option for homeowners when choosing how to access their funds. According to an article by AARP, borrowers recognized this choice at about 66% of the time when obtaining a reverse mortgage as being the right choice for them. The credit line option allows borrowers a great...
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HECM vs HELOC Comparison: Which is Best for You? (2021)

November 17, 2019 8 comments

Reverse Mortgages Can Be Solution to Major HELOC Resets There will soon be big changes for many Home Equity Line of Credit (HELOC) borrowers that could amount to huge increases in payments. But there’s a solution that may also be available for those who qualify: a reverse mortgage line of credit. In the next few years, many homeowners who have taken...
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Skip the Reverse Mortgage Tenure and Go For Growth!

September 6, 2019 10 comments

If you’re thinking about taking out a reverse mortgage, it’s important to understand all of its unique features. Did you know that the federally-insured home equity conversion mortgage (HECM) program has a loan payment option that actually grows over time, thereby increasing your borrowing capacity? The HECM program allows homeowners aged 62 and older to access the home equity they've...
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Reverse Mortgage Types: Lump Sum Payout -VS- Line of Credit

May 30, 2019 8 comments

If I do a reverse mortgage, can I pull all the money up front as a lump sum or do I have to have a line of credit, and is there cost to pulling out all the money up front? HUD changed the program a little while back so that borrowers are capped at what they can pull from...
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2014 Reverse Mortgage Payment Plans: Lump Sum vs Credit Line

October 9, 2014 2 comments

If I take an initial lump sum is it possible to obtain further equity in a lump sum after a number of years or would I have to pay the loan off and get a new loan? HUD allows you to take your loan as a fixed rate or an adjustable rate loan. The fixed rate loan is a closed-ended...
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ALL-NEW: Fixed-Rate Reverse Mortgage Line of Credit!

February 23, 2014 no comments

New Reverse Mortgage Product Offers Certainty of Fixed Rate, Flexibility of Payment Plans For the first time ever, a new reverse mortgage is available that offers borrowers all the certainty of a fixed-rate loan as well as the flexibility of multiple payment options all in one product. In years past, borrowers who opted for a fixed rate reverse...
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Avoid Payment Shock—Turn your HELOC into a HECM

February 14, 2014 no comments

Billions of dollars worth of home equity lines of credit (HELOCs) are about to amortize this year, and if you’re one of those borrowers who has one and you’re aged 62 or older, don’t panic—you might be able to use a reverse mortgage to pay off your loan. According to a recent report from Moody’s Investor Services, around $30...
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Reverse Mortgage vs HELOC: Side-by-Side Comparison

October 23, 2012 no comments

I would like to know how a "line of credit" would work compared to a HELOC. I owe a 2nd on my home for approx. 9,000.00. The first will be paid off in Dec. 2012. My home NOW is worth approximately $210,000.00. The 2nd is with Chase Home Equity. I would like to ONLY borrow enough at times on the...
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Which is Best? Reverse Mortgage vs Home Equity Line of Credit

November 28, 1019 7 comments

A Look into the "Reverse Mortgage" VS "HELOC" (Home Equity Line of Credit) You may have heard of reverse mortgages, and the retirement option they can offer to individuals or couples who are “house rich, cash poor.” For those looking to tap into their home equity in retirement, a reverse mortgage can be a useful tool to allow this. A home...
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