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How does HomeSafe Second differ from a HELOC?
HomeSafe Second and home equity line of credit (HELOC) offer homeowners different options for accessing a portion of their home equity. HomeSafe Second provides a one-time lump sum payment with no new monthly mortgage payment required.* A HELOC offers ongoing access to home equity, requiring a monthly payment on the money withdrawn. Learn more
*The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
Disclaimer
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
