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How does HomeSafe Second differ from a HELOC?

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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mortgage payment required.* A HELOC offers ongoing access to home equity, requiring a monthly payment on the money withdrawn.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.

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