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Understanding
Home Equity Options
Knowing your home equity options can make it easier to support your retirement, manage medical expenses, and handle everyday costs.
Let's find out what suits you best!
Contact us today
Unused line of credit grows
over time
Yes
No
Repayment
When the borrower moves,
sells the home, or passes away Â
Monthly payments
Has a set term  Â
No
Yes
Borrower still owns home
No
Yes
Can be frozen or reduced
No
Yes
Monthly payment required
No
Yes
Compare Your
Home Equity Options
Reverse Mortgage
Convert part of your home equity
into cash-no monthly payments
HELOC
A line of credit that uses yourhome equity as collateral
Minimum age requirement
55+Â
Age requirements vary by products and state
None
Minimum credit score
None
680+
When Each Option May Make Sense
Reverse Mortgage
May Be Right For You If You:
-
Want to eliminate monthly mortgage payments
-
​Need cash flow for retirement
-
​Need cash flow for retirement
-
Want to age in place
-
Have limited income but substantial home equity
HELOC May Be Right
For You If You:
-
Want a flexible line of credit
-
Plan to pay the balance down over time
-
Have strong credit
-
Prefer to keep the option to borrow as needed
Consider Your
Retirement Goals
-
How long do you plan to stay in your home?
-
Do you want predictable payment or flexibility?
-
How will this impact your long-term financial plan?
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