HELOC's have (usually) a ten year period of time you can borrow/pay back in - then - (usually) you have an additional 20 years to pay the HELOC balance back with interest, but you can NOT borrow additional monies. Does the HECM operate the same way? What about the PROPRIETARY REVERSE MORTGAGES??
Hi George. The HECM line of credit does not ever have a required payment or a time limit on how long you have access to those funds. As long as your loan remains in good standing, the credit line will always be available to you and you would never be required to make a payment towards the loan. Regarding the proprietary reverse mortgages, the lines of credit offered through those WILL have a certain life span of how long the money is available (generally between 7-10 years, depending on the lender), but will never require a payment.
Great job on your explanations of these persistent myths that plague our industry & prevent so many from even exploring what could be a tremendous tool for their retirement years & family legacy. I’m a reverse mortgage specialist myself & your video is one of the very best for explaining these questions. Thanks & well done.
HELOC's have (usually) a ten year period of time you can borrow/pay back in - then - (usually) you have an additional 20 years to pay the HELOC balance back with interest, but you can NOT borrow additional monies. Does the HECM operate the same way? What about the PROPRIETARY REVERSE MORTGAGES??
Hi George. The HECM line of credit does not ever have a required payment or a time limit on how long you have access to those funds. As long as your loan remains in good standing, the credit line will always be available to you and you would never be required to make a payment towards the loan. Regarding the proprietary reverse mortgages, the lines of credit offered through those WILL have a certain life span of how long the money is available (generally between 7-10 years, depending on the lender), but will never require a payment.
Great job on your explanations of these persistent myths that plague our industry & prevent so many from even exploring what could be a tremendous tool for their retirement years & family legacy. I’m a reverse mortgage specialist myself & your video is one of the very best for explaining these questions. Thanks & well done.
Really appreciate you taking the time to give me that feedback! Thank you! 😊