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Traditional HELOC
A line of credit against equity. You still make payments on what you draw.
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Seniors and home equity. Reverse is a loan.
If you still want a payment, the tools are a HELOC or a closed-end second. If you are looking at a reverse mortgage, HECM is the FHA program and it requires HUD counseling before it can close. It is not a gift and it is not a way to hand the house to the lender.
Heirs can keep the house by paying the balance or selling. That structure belongs in counseling, not in a slogan.
A reverse mortgage is a separate product and, on HECM, requires HUD counseling. It is not the default.
Programs that match this borrower
Vismar Corporation dba Elite Fundings, NMLS #2046870. A program link explains the loan. It is not a rate quote and not a pre-approval.
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Closed-End Second Lien (Fixed)
A fixed second. One draw, one payment. Not a revolving line.
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Reviewed on the file
HECM Reverse Mortgage
FHA reverse for eligible age and a primary residence. HUD counseling is required.
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Reviewed on the file
Proprietary Jumbo Reverse
Proprietary reverse when the home is above the HECM limit. Still a loan. Still counseling territory.
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Questions from this borrower
Do my heirs lose the house on a reverse mortgage?
No. They can keep it by paying off the balance, or sell it. The loan is non-recourse beyond the home. Counseling covers the rest. This card does not.
Is a HELOC the same as a reverse mortgage?
No. A HELOC is a line you repay. A reverse mortgage is a different product with an age rule and, on HECM, required counseling.
Can you quote a reverse proceeds number here?
No. Age, the existing lien, and the property decide the number. A webpage figure would be made up.