Is a HELOC better than a HECM?
Jack Guttentag, a frequent booster of HECM loans and a professor emeritus at the University of Pennsylvania’s Wharton School, compares home equity lines of credit (HELOCs) and reverse mortgages in this fall 2015 article for the Huffington Post, in which he largely concludes that HECMs are superior.
Guttentag admits that upfront costs associated with reverse mortgages are higher, but touts multiple advantages, such as the lack of a draw-and-repayment period system, the ability to purchase a new home with a HECM, and the option for tenure, term, and line-of-credit loans.
A clear vision of these tools and what they can provide for our clients is our number one goal at McGee Mortgage Group.
The link for that article…