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HECM vs. HELOC: What's Better for Seniors?

Home Equity Conversion Mortgage (HECM) vs. Home Equity Line of Credit (HELOC): What's Better for Seniors?

Mary-Alice Cárdenas, Neighbor

Posted Mon, Aug 3, 2015 at 2:15 pm PT|Updated Mon, Aug 3, 2015 at 4:24 pm PT

Seniors over 62 years of age considering a Home Equity Line of Credit may find a better option in the new Low-Cost FHA-insured Home Equity Conversion Mortgage (HECM). With substantially lower fees than a traditional reverse mortgage, the HECM allows seniors to free up cash immediately or to leave it in a line of credit that is guaranteed to grow over time.

the following video for more information:

https://youtu.be/BgRxddfGt1g