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HomeSafe Second vs HELOC
Compare two popular ways to access your home equity and find the option that may be right for you
Two solutions. Different features.
Understanding the differences can help you make a more confident decision.
Interest rate type
Fixed
Variable
Feature
HomeSafe Second
Fixed-rate second mortgage
HELOC
Home Equity Line of Credit
Loan Type
Lump sum
Line of credit
Minimum credit score
640
(with financial assesstment)
680
Monthly payments required
No, but you can preserve equity by making a payment at any time without penalty
Yes
Minimum age
Yes, 55, 60, or 62 depending on your state
No
Borrower still owns home
Yes
Yes
Repayment options
Due when the borrower moves, leaves the property, fails to pay taxes or insurance or violates the terms of the loan
Interest-only for 10 years, then fully amortizing
over 20 year
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