ADDITIONAL LOAN TYPES
HOME EQUITY CONVERSION LOAN Homeowners 62 and older who are buying a primary residence may qualify for this loan. Specific requirements must be met. While there are no monthly payments, the loan balance increases each month. The homeowner or heirs must pay back the loan, usually with the sale of the home. JUMBO LOANS A jumbo loan is a mortgage used to finance properties that exceed the maximum conventional conforming loan for the area. The Federal Housing Finance Agency (FHFA) determines the maximum amounts. HELOC A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on home equity. Equity is the difference between the appraised value and what is owed on the property. This loan can be used to purchase a new property before selling.
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