KEEP YOUR CURRENT MORTGAGE
What is a Senior HELOC?
​Potential uses could include:​​​
A Senior HELOC is a home equity line of credit designed specifically for homeowners age 62 and older. Like a traditional HELOC, it allows you to access a portion of your home's equity while keeping your existing first mortgage in place.
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Rather than receiving all available funds at once, you can draw from the credit line as needed, providing flexibility for planned expenses, unexpected needs, or additional financial flexibility in retirement.​​
​​​Home improvements
​​​Major expenses
​​​Emergency reserves​
​​​Healthcare or care-related costs
​​​Helping family​
​​Supplementing available cash​
SENIOR HELOC FEATURES
How a Senior HELOC Works
A Senior HELOC works much like a traditional line of credit, with features designed for homeowners age 62 and older.
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Understanding how the credit line works—and the financial considerations involved—can help you decide whether it fits your needs.
How the Credit Line Works
Keep Your Existing Mortgage
Borrow as Needed
Pay Interest on What You Use
Repay and Reuse
What to Consider
Monthly Payments
Rates & Terms
Qualification
Long-Term Plans
HOW DO THEY COMPARE?
Senior HELOC, Traditional HELOC or HECM?
There are several ways to access home equity, and the right choice depends on more than your age or the amount of equity you've built. Payment requirements, qualification, loan structure and your longer-term goals can all play a role.
Senior HELOC
FLEXIBILITY WITH YOUR EXISTING MORTGAGE
A line of credit for homeowners 62+ that provides flexible access to home equity while keeping an existing mortgage in place.
Traditional HELOC
A REVOLVING HOME EQUITY OPTION
A revolving line of credit that allows homeowners to access available home equity as needed, subject to qualification requirements and loan terms.
No minimum age requirement
Qualifications based on income,
credit and debt-income
Variable rates and terms
Learn About Traditional HELOCS →
Keep current mortgage
Borrow as needed
Pay interest on what you use
HECM
A FHA-INSURED REVERSE MORTGAGE
An FHA-insured reverse mortgage for homeowners 62+ that provides access to home equity with no required monthly mortgage payments.
For homeowners 62+
No required monthly mortgage payment
Funds for a variety of needs