HELOC
Home Equity Line of Credit
Construction Loan
A short-term, interim loan for financing the cost of construction. The lender makes payments to
the builder at periodic intervals as the work progresses or is converted to a mortgage.
Reverse Mortgage
A loan based on the equity in a home that provides homeowners with tax-free income and is paid
back with interest when the home is sold or the homeowner dies. No payment as long as the
borrower lives in the home