Older Homeowners Should Avoid a HELOC
HELOC stands for Home Equity Line of Credit, and it’s the most common way for people to tap the equity in their homes. HELOCs are loans secured by the equity in a home. It’s a loan that requires borrowers to make interest only payments on the money borrowed for the first 10 years. After 10 years, […]
Why Doesn’t Every Homeowner Over Age 62 Do This?
The Home Equity Conversion Mortgage, or HECM for short, comes in various flavors. There’s the reverse mortgage, the HECM for Purchase, which can be used to buy a home while conserving one’s cash, and the HECM Line of Credit. I’ve written about all of these variations, but right now I only want to focus on one […]
