HELOC vs. HECM. What vs. What?

  • March 31, 2017

One of the most popular home loans for many years has been the HELOC, or Home Equity Line of Credit.  Millions upon millions of homeowners have established these loans with favorable results.  But there are big advantages that homeowners age 62 or better can enjoy by using the HECM Line of Credit instead.  In fact for most seniors the comparison is not even close.  Advantage HECM!  That’s a Home Equity Conversion Mortgage.  One thing not pointed out in this week’s blog is that the HECM is far easier to qualify for.  I can give you a much more comprehensive comparison but for now please read a comparison that appeared in the Huffington Post here.