In ways, this is exactly just as the traditional HELOC credit line chatted about earlier, however, you’ll find very important variations
And you will, while the a keen HECM reverse home loan is generally structured as the an enthusiastic open-ended line of credit, similarly to an excellent HELOC, if you prefer, you could potentially pay-off most of the otherwise area of the opposite home loan should you decide like and you may obtain the cash again about future. However you don’t need to make any payments if you choose never to, providing you continue staying in your house and you may fulfilling the loan loans to keep the house and you can spend possessions taxes and you will insurance premiums. (más…)