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HELOC vs ReLOC?

Is there a better alternative for homeowners over age 62?  A ReLOC may be a far better choice for many retirees. ReLOC is a nickname that stands for either Retirees Line of Credit or Reverse Mortgage Line of Credit. While ReLOCs share many features with HELOCs, three unique features make a ReLOC a line of credit designed for retirees:

  1. The amount you can access grows every month
  2. You don’t have to make payments until you permanently leave your home
  3. The loan can’t be canceled, reduced, or frozen as long as you keep up with basic mortgage obligations (property tax, homeowner’s insurance, basic maintenance, and Homeowner’s Association dues).

To find out more about this HECM option, call me today!

How Does It Work?

How Does It Work?

Learn how a reverse mortgage could provide you more cash.

Facts For Family Members

Facts For Family Members

Get informed about how everyone is affected by a reverse mortgage..

How Much Could You Get?

How Much Could You Get?

Contact us today to see how much you could qualify for.

Is It Right for You?

Is It Right for You?

Get the facts from a qualified reverse mortgage originator.

Reverse Mortgages at a Glance

family

To qualify for a reverse mortgage you must:

Be at least 62 years old

Own your home

Have equity in the house to pay off any outstanding balances

Your home must be your principal residence

Meet minimum credit and income requirements

NMLS#: 167985

NMLS Consumer Access

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This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Karen Pryor

Company NMLS #1689056
1621 Crenshaw Blvd.
Torrance, CA 97588
Phone: 833-779-1399