Reverse Mortgage News

HECM LOC vs HELOC

HECM LOC vs HELOC

When homeowners consider tapping the equity in their home, they typically think about refinancing their current mortgage in a cash out refinance, or a traditional home equity line of credit, (HELOC). However, if one of the homeowners is 62 or older, there is a third option that needs to be considered – the FHA insured Home Equity Conversion Mortgage (HECM).