|Reverse Mortgage||Seniors HELOC™||Seniors Mortgage™|
|Must make payments||No||Maybe||Yes|
|Must prove income||No||Yes||Yes|
|Time to Close (Approx. days)||30||21||21|
|Minimum Advance at Closing||$20,000||$0||$100,000|
|Early Repayment Penalties||Yes||None||Yes|
|Rate range||5.64% to 6.49%||3.70% to 4.20%||2.59% to 3.99%|
|Closing Costs (Approx.)||$1794 to $2495||$895||$895|
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Your best solution starts with the right list of financing options. We’ve built our national reputation on advising clients which of these following products is the most flexible and least costly.
A reverse mortgage is designed for a senior who cannot qualify for, and/or doesn’t want to make payments on, a HELOC or mortgage . There is no proof-of-income requirement. For reference, here are the best available reverse mortgage rates.
A Seniors HELOC™ (Home Equity Line of Credit) is a special type of HELOC that entails an easier qualification process and doesn’t require monthly payments out of pocket.
A Seniors Mortgage™ is a unique mortgage that makes it easier for seniors with lower incomes to qualify. If you can prove your income, you’ll save the most with this type of financing.
*Minimum loan amount for free appraisal is $100,000.