Whenever you start to learn about a new topic that is of interest to you, you have to learn a new vocabulary. Sure, you’re still speaking English but the different terms that are used in different industries require a little bit of education. This is definitely true when you’re talking about the world of mortgages. Although you may have a basic idea about what different mortgage options are available to you, you probably don’t know the nuanced differences between each of your available options. A mortgage professional can assist you in learning this language.
You can get started with learning the language on your own though by studying about mortgages. There’s a vocabulary list with definitions of different types of mortgages over at The News Leader which makes a great starting place for learning how to talk about real estate money. One of the entries that you’ll want to pay particular attention to is this one:
“Home equity line of credit (HELOC): A type of revolving loan that enables a homeowner to obtain multiple advances of the loan proceeds at his or her own discretion up to an amount that represents a specific percentage of the borrower's equity in the property.”
The reason that you’re interested in the “home equity line of credit” definition is because this is the same thing as the reverse home mortgage. If you didn’t already know that, then you just started learning the mortgage language. The more fluent you become in this language, the more capable you are going to be in having conversations about your reverse mortgage options.
