A Cash-Out Refinance allows homeowners to replace their existing mortgage with a new, larger loan, providing them with the difference in cash.
A HECM (Home Equity Conversion Mortgage) is a type of reverse mortgage that allows homeowners aged 62 and older to convert part of the equity in their homes into cash without having to sell the home or making monthly mortgage payments.
A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows homeowners to borrow against the equity of their home, typically used for major expenses, home improvements, or paying off high-interest debts.
A Home Equity Conversion Mortgage (HECM) allows older homeowners to access some of the equity in their homes, either in the form of monthly payments for life or a fixed term, or as a lump sum or line of credit. This reverse mortgage product is insured by the Federal Housing Administration (FHA).
A Home Equity Line of Credit (HELOC) is a type of home equity loan that provides an account from which the borrower can draw funds as needed, similar to a credit card. It allows for flexible borrowing based on the home's equity with interest accruing on the actual borrowed amount.
Proceeds from resale refer to the total amount of money received from selling a property, after accounting for any associated costs and expenses.
Refinancing replaces an old loan(s) with a new loan(s), potentially securing better terms, reduced payments, or accessing cash.
A Reverse (Annuity) Mortgage is a type of mortgage designed primarily for elderly homeowners with substantial equity in their homes. The lender periodically pays an amount to the borrower, with the loan balance increasing over time due to interest and periodic payments, ultimately resulting in negative amortization. The nonrecourse loan is repaid from the proceeds of a future sale of the home.
A Reverse Annuity Mortgage (RAM) is a type of home equity loan that allows homeowners, typically retirees, to convert part of the equity in their homes into cash without having to sell the property or make monthly mortgage payments.
