Home Equity Lines and Reverse Mortgages

Home Equity Line of Credit (HELOC)

One of the biggest perks of homeownership is the ability to build equity over time. You can use that equity to secure low-cost funds in the form of a home equity line of credit (HELOC).

Home Equity Lines of Credit (HELOC) use the equity in your home—that is, the difference between your home’s value and your mortgage balance—as collateral. As the credit line is secured against the equity value of your home, home equity lines offer extremely competitive interest rates—usually close to that of your mortgage. Compared with unsecured borrowing sources, such as credit cards, you’ll be paying less in financing fees for the same loan amount.

 Key Takeaways

  • Home equity can be a great source of value for homeowners to access cash for renovations, large purchases, debt repayment, or down payment for another property such as a rental.
  • Home equity loans and lines of credit are secured against the value of your home equity, so lenders may be willing to offer rates that are lower than for most other types of personal loans.
  • A home equity loan comes as a lump sum of cash, often with a fixed interest rate.
  • A home equity line of credit is a revolving source of funds, much like a credit card, that you can access as you choose.

Dennis can access many lenders who offer HELOCS.  Feel free to reach out to him with questions.

Reverse Mortgage

You’ve likely seen the commercials on TV advertising this product, but many people still don’t know much about it or who its really suited for.  Dennis has access to this unique product and can help guide you through the process and answer any questions you have.  More info below.

A reverse mortgage is the ability to access equity within your home. At CENTUM, we can access up to 55% of your home’s value. How do we do it?

  1. We will provide you with a free estimate to see how much equity you can access
  2. We will gather all your information and ask a few questions
  3. You can receive the money in one lump sum or in installments
  4. You have no monthly payments and the loan will be due when you are no longer in the home

At CENTUM, we use a CHIP Reverse Mortgage to reverse the financial equation.

Like many individuals, your net worth will be tied up in savings and your home when you reach retirement. With the increase in the housing market, the majority of your net worth could be derived from your home. With a CHIP Reverse Mortgage, you can access the equity in your home without giving up ownership.


  • The title holder(s) on the property need to be 55 years or older
  • The home that is used with the reverse mortgage must be your primary residence
  • If you have a remaining mortgage or any debt that used the home as security, the monthly payment from your reverse mortgage will be put towards those debts first with the remaining amount of cash going to you.

More Questions? Contact Dennis!

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