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A Home Equity Conversion Mortgage (HECM) Line of Credit may be a better option for you.

Learn how it works.

Check out how a HECM line of credit compares to traditional home equity products.

Here is why you should consider a HECM line of credit instead.

Feature Traditional Home Equity Line of Credit HECM Line of Credit
Lets you borrow against the equity in your home Yes Yes
Flexible repayment options? No You must make at least a minimum monthly payment toward principal and interest on the funds you take. Yes Pay as much or as little as you like each month. Or make NO monthly loan payments* — you decide. The balance does not have to be repaid until you sell the home, pass away, or move out, as long as you meet your loan obligations.
*Loan obligations: You must keep current with property taxes, insurance and maintenance. Yes Yes
The unused line grows over time.
If part of your loan is held in a line of credit upon which you may draw,
then the unused portion of the line of credit will grow in size each month.
The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
No Yes
Line of credit cannot be frozen or reduced, as long as you meet your loan obligations — so it's guaranteed to be there when you need it. No Yes
Non-recourse loan: You will never owe more than your home is worth when the loan is repaid. No Yes

Get a personal review of your current loan and other options available.

Call one of our experienced loan officers at 877-663-7040 for a free consultation by phone.

* This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

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