Homeowner Options For Massachusetts Elders - H.O.M.E.
Line of Credit

Elder Homeowner Protection Since 1984...Free and totally confidential...1-800-583-5337

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Line of Credit



What is the SELOC

It is a unique program which provides the older homeowner with a source of funds to cover unexpected property and life-related expenses. Along with this line of credit, H.O.M.E. counselors provide financial advice and guidance in making prepurchase decisions and helping you to make informed financial decisions.

Day-to-day living is easier when you know that the problem of unanticipated or sudden expense worries is now behind you.


I have a small fixed income and I’m worried about large future expenses. Can I qualify?
The SELOC is designed for people in your situation. The loan amounts are modest and greater weight is placed on the preservation of the majority of your home equity.

I have need for a small supplement almost every month. Would a SELOC be appropriate?
No. The SELOC is for unusual, unexpected and irregular expenses. It is not designed to supplement your income monthly on an ongoing basis.

How does the rate for the SELOC compare with other equity lines? Interest rates on the SELOC are fixed and generally lower than comparable rates for other lines of credit.

Are there any fees or charges? Only modest closing costs will apply which average approximately $1,800. However, these closing costs are most often financed from the loan proceeds if necessary.

How is the SELOC different? This credit line is designed to respond to unplanned future needs. It will provide an economical alternative to use of credit cards or more costly loans, while still preserving much of your home’s equity. The maximum loan-to-value is approximately 35% at maturity. These loans may be structured as an amortized, interest only, or capitalized loan (payments of interest and principal deferred to maturity).

What happens at End of Term?
The loan can be paid off through (1) sale of the property, (2) refinancing of the equity line or, (3) in certain circumstances, may be converted to another form of equity conversion mortgage (e.g. - Term or open-ended reverse mortgage).

Elder Homeowner Protection Since 1984

Free and totally confidential...800-583-5337



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