A Home Equity Line of Credit (HELOC) is a second mortgage that functions like a credit card, allowing you to borrow against the equity in your home. With a HELOC, you have access to a revolving line of credit that you can use as needed, offering flexibility in managing your finances.
An FHA-insured reverse mortgage provides senior borrowers with access to their home equity without requiring monthly mortgage payments. This type of loan uses the home as collateral, with interest and fees accruing over time. Borrowers must continue to pay property taxes and insurance and comply with the loan terms. The loan becomes due when the borrower permanently leaves the home or fails to meet the loan conditions. FHA-insured Home Equity Conversion Mortgages (HECMs) are non-recourse loans, meaning neither the borrower nor their estate will owe more than the property's value.
A bridge loan is designed for buyers who need temporary financing to purchase a new home before selling their current one. This short-term loan helps bridge the gap between the sale of your old home and the purchase of your new one.