The first and only home equity line of credit (HELOC) designed specifically for older homeowners, HELOC For Seniors®, is making a splash in the financial news.
With elements of both a traditional HELOC and a reverse mortgage, the loan addresses the financial needs of older homeowners on a fixed budget while also making qualification easier for the house-rich but cash-poor seniors currently looking for a home equity solution.
As Longbridge CEO Chris Mayer puts it, “too many older Americans are unable to access their own home equity, not because of poor credit, but because traditional lending products weren’t designed for life after 62. We built HELOC For Seniors to offer a better way forward.”
One way HELOC For Seniors® achieves this is by offering reduced, interest-only payments for the life of the loan (as long as the borrower continues to meet the loan requirements, including property taxes, homeowners insurance, and maintenance)—that means no looming maturity date or balloon payments.
Read the full CNBC Select article to discover the other features that make this loan so attractive to older borrowers, as well as the qualifications that applicants can expect.