2828 Coral Way Ste 470 Miami, FL 33145



HELOC Vs Reverse Mortgage

 If you need to supplement your retirement income, tapping into your home’s equity could be a solution.  There are two simple ways to do it. Your main options are 1) a Reverse Mortgage from Great Florida Lending or 2) a home equity line of credit, or “HELOC” from your Bank.

They have things in common. There are also many distinct differences.


Reverse Mortgage vs. HELOC

Reverse Mortgage
(muuuuuuuch better)


Things In Common

Secured by the equity in your home. Secured by the equity in your home
You can repay the loan at any time. You can repay the loan at any time.
You will accrue interest over time You will pay interest over time.


 Created by Act of Congress in 1989. Regulated by HUD, Insured by FHA.  Created by Bank
Up to a Maximum Loan Amount of $4,000,000 with the Proprietary Reverse Mortgage Program Limited by Bank guidelines
You NEVER need to make a payment until you pass away, as long as you pay your property taxes, insurance and maintain your home, as your principal residence. You MUST make monthly payments right away. You must pay your property taxes and insurance. If you Stop making monthly payments, you could be foreclosed.
It can NOT be called, reduced, frozen or cancelled until you pass away or 12 months after you move away for health reasons, and as long as you 1) pay your property taxes,
2) insurance, 3) maintain your home, and
4) live the home as your principal residence.
1) Is Callable,
2) is Cancellable or
3) Can be Reduced or
4) can be Frozen
at Banks desire.
You can choose to receive the proceeds as: 1) a lump sum or,   2) a monthly advance or, 3) a growing CreditLine or, 4) a combination of 1, 2, 3. Line of Credit only.
Unused amount in CreditLine
every month.
NO Growth. Unused amount stays fixed always.
If you choose the Monthly Advance option (Tenure) you will receive it for AS LONG AS you live the home as your principal residence, pay your property taxes, insurance, maintain your home and not declare bankruptcy. You must make monthly withdrawals until it runs out.
Closing Costs: Higher. Include FHA’s “Mortgage Insurance Premium” (read next). Lower
INSURED by Federal Housing Administration: This means that, if the value of the home is lower than the outstanding debt, you or your heirs WOULD NOT HAVE to pay any difference.
It is a NON-RECOURSE Loan. If the value of the home is higher than the outstanding debt, the equity IS yours or of your heirs.
HELOC IS NOT insured. If the value of the home is lower than the outstanding debt, you or your heirs WOULD HAVE TO PAY any difference.It is NOT a Non-Recourse loan.
Your financial picture is analyzed and may consider credit and income, but are not now dependent upon or limited to those factors. This may change in the future for new applicants, act before changes occur. A HELOC requires credit and income qualification. If you are on a limited fixed income, the bank might NOT approve you.
Allows you to age in place without the burden of monthly payments. You MUST make monthly payments FROM DAY ONE.
Read about the Fabulous CreditLine
that GROWS
A Reverse Mortgage can be a Life Changing move. Find Out How Much You Could Borrow with a Reverse Mortgage, In the comfort of your home.Fill Out the form below. There is no cost or obligation.  ACT Today!  Go to your Bank.


Request a free, confidential Estimate of the Funds you could expect from a Reverse Mortgage. I will present you with several alternatives so you can make a well thought out decission. Use the Form provided below to contact me. You can also call or email me at 786-262-6486  or  rodkohly@gmail.com

 Quick Reverse Mortgage Quote Form


2828 Coral Way Ste 470
Miami, FL 33145

Great Florida Lending Inc.

NMLS Identifier:314305
Florida License: MBR216
Licensed in Florida, Georgia and Texas

Juan Luis Rodriguez-Kohly

NMLS Identifier: 257898
Florida License: LO 5069
Regulated in Florida by the Florida Office of Financial Regulation
Florida Licensed Real Estate Salesperson Lic 0635518