Your trusted resource for Reverse Mortgages, HELOCs, and Home Equity Loans.
Home equity is often the largest financial asset for seniors. Leveraging this asset through products like Reverse Mortgages, HELOCs, or Home Equity Loans (Fixed Second Loan) can provide much-needed income during retirement. Knowing your home’s value is critical to choose the best option for your needs.
A Home Equity Line of Credit (HELOC) is a flexible borrowing option allowing you to use your home’s equity like a credit card. Withdraw funds as needed during the draw period—ideal for renovations or unexpected expenses. Keep in mind that variable interest rates and the risk of over-borrowing are important factors.
Reverse Mortgages provide a way to tap into your home equity without selling your property or making monthly payments. Designed for those aged 62 or older, reverse mortgages allow you to receive payments while remaining in your home—helping to supplement retirement income and reduce financial stress.
Also known as a Home Equity Loan, a Fixed Second Loan offers a lump sum at a fixed interest rate with set monthly payments. This option is ideal if you need a significant amount of cash for large expenses such as family support or major home improvements. Predictable payments provide financial security, though missing them could put your home at risk.
| Feature | HELOC | Reverse Mortgage | Fixed Second Loan |
|---|---|---|---|
| Eligibility | Strong credit & income | 62+ years old | Good credit & income |
| Borrowing Limits | Up to 85% of home value | Depends on age, rates, value | Up to 85% of home equity |
| Interest Rates | Variable | Fixed or adjustable | Fixed |
| Repayment | Monthly interest; principal due at end of draw period | Upon home sale, move out, or death | Set monthly payments |