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A home equity line of credit, or HELOC (/ˈhiːˌlɒk/ HEE-lok), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's property (akin to a second mortgage).
Reverse mortgage — Type of loan for homeowners ages 62 and older to borrow against their home equity, using their home as collateral — yet instead of you repaying the lender, the lender pays ...
Mortgage. Investment property vs. second home. Even if it’s residential, an investment property is different from a second home. Basically, a second home is a property you purchase for personal ...
A real estate mortgage investment conduit (REMIC) is "an entity that holds a fixed pool of mortgages and issues multiple classes of interests in itself to investors" under U.S. Federal income tax law and is "treated like a partnership for Federal income tax purposes with its income passed through to its interest holders".
Reverse mortgage: If you’re 62 or older and have substantial equity in your home, you could swap some of that equity for cash with a reverse mortgage. Under this arrangement, you’ll receive ...
Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. Home equity loan can be used as a person's main mortgage in place of a traditional mortgage.
A rental or investment property home equity loan could come with tax benefits, depending on how you use it. A home equity loan allows you to tap the value of your property to obtain a one-time ...
PennyMac conducts business in three segments, namely mortgage production, mortgage servicing (together, production and servicing comprise mortgage banking activities), and investment management. The company's mortgage production focuses on the origination of first lien and government-backed or guaranteed mortgage loans through three methods: [ 1 ]