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What is the Difference Between a Reverse Mortgage and a Home Equity Conversion Mortgage?

May 25, 2023 by Rilian Ball

A reverse mortgage and a home equity conversion mortgage (HECM) are both types of loan products that allow homeowners to tap into the equity they have built up in their homes. However, there are some important differences between the two. A reverse mortgage is a type of loan available to homeowners who are 62 years of age or older. With a reverse mortgage, the lender makes payments to the borrower, which can be taken as a lump sum, line of credit, or regular payments. The loan is paid back when … [Read more...]

Filed Under: Mortgage Tagged With: Home Equity, Mortgage, Reverse Mortgage

A Home Equity Loan Versus A HELOC

April 7, 2023 by Rilian Ball

If you are looking for a quick source of cash, you may have been told that you can tap into the equity in your home. If you have at least 20 percent equity in your home, you can borrow against that equity at a relatively low interest rate for a quick source of funding. You might be deciding whether to apply for a home equity loan or a home equity line of credit, which is usually shortened to HELOC.  Home Equity Loan A home equity loan is a loan that you will receive based on the equity you … [Read more...]

Filed Under: Mortgage Tagged With: HELOC, Home Equity, Mortgage

Should You Use A Home Equity Loan To Buy A Vacation Home?

June 3, 2022 by Rilian Ball

If you are looking for a way to diversify your investments while also making it easier to go on vacation, you may have thought about purchasing a vacation home. Saving up enough money for one house was already hard enough, so how are you going to save up money for a second house? If you have owned your primary residence for a while, you might be able to take out a home equity loan. Then, you could use this to purchase a vacation house. How Does A Home Equity Loan Work? A home equity loan allows … [Read more...]

Filed Under: Mortgage Tagged With: Home Equity, Mortgage, Vacation Home

Which Home Equity Loan Is The Best Option?

February 9, 2022 by Rilian Ball

There are a number of significant advantages that come with homeownership, and one of the biggest advantages is the ability to take out a home equity loan. As homeowners pay off the mortgage, the amount of equity in the house increases. Homeowners can borrow against the equity in their house to fund other projects. For example, homeowners could borrow against home equity to complete a home renovation, pay medical expenses, or pay down student loans. The most common home equity loans include … [Read more...]

Filed Under: Mortgage Tagged With: HELOC, Home Equity, Mortgage

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Rilian Ball


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NMLS # 202687

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Rilian Ball
NMLS # 202687

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