e second mortgages, the interest rate on a HELOC may be tax deductible. (Keep in mind when discussing tax advantages with a borrower that you are not a tax adviser, and so always use the word may and always refer your borrower to a tax consultant for details.)

• There are many

Second Ohio mortgages may be taken out simultaneously with first Ohio mortgages in order to reduce private Ohio mortgage insurance and/or allow a borrower to buy a home with a smaller down payment.

Ohio Equity Lines

Ohio equity lines (also known as HELOC) are revolving lines of credit using real estate as collateral. The lender establishes a loan amount based on the equity in the property.

When the funds are needed, the Ohio borrower has the option to draw on the line of credit.

Ohio Equity lines:

• Operate similarly to a credit card

• Are accessed by checks or drafts

• Provide for floating interest rates

There are many benefits to using a line of credit versus a traditional second Ohio mortgage:

• Interest is charged only on the outstanding balance.

• The rate is usually based on the prime lending rate, which can change day to day. Interest is charged per month on the outstanding balance only. This differs from a traditional second mortgage that has a fixed interest rate.

• Typically HELOCs do not carry any up-front costs; some second mortgages do.

• Like second mortgages, the interest rate on a HELOC may be tax deductible. (Keep in mind when discussing tax advantages with a borrower that you are not a tax adviser, and so always use the word may and always refer your borrower to a tax consultant for details.)

• There are many H

of credit using real estate as collateral. The lender establishes a loan amount based on the equity in the property.

When the funds are needed, the Ohio borrower has the option to draw on the line of credit.

Ohio Equity lines:

• Operate similarly to a credit card

• Are accessed by checks or drafts

• Provide for floating interest rates

There are many benefits to using a line of credit versus a traditional second Ohio mortgage:

• Interest is charged only on the outstanding balance.

• The rate is usually based on the prime lending rate, which can change day to day. Interest is charged per month on the outstanding balance only. This differs from a traditional second mortgage that has a fixed interest rate.

• Typically HELOCs do not carry any up-front costs; some second mortgages do.

• Like second mortgages, the interest rate on a HELOC may be tax deductible. (Keep in mind when discussing tax advantages with a borrower that you are not a tax adviser, and so always use the word may and always refer your borrower to a tax consultant for details.)

• There are many

p>• Are accessed by checks or drafts

• Provide for floating interest rates

There are many benefits to using a line of credit versus a traditional second Ohio mortgage:

• Interest is charged only on the outstanding balance.

• The rate is usually based on the prime lending rate, which can change day to day. Interest is charged per month on the outstanding balance only. This differs from a traditional second mortgage that has a fixed interest rate.

• Typically HELOCs do not carry any up-front costs; some second mortgages do.

• Like second mortgages, the interest rate on a HELOC may be tax deductible. (Keep in mind when discussing tax advantages with a borrower that you are not a tax adviser, and so always use the word may and always refer your borrower to a tax consultant for details.)

• There are many

rime lending rate, which can change day to day. Interest is charged per month on the outstanding balance only. This differs from a traditional second mortgage that has a fixed interest rate.

• Typically HELOCs do not carry any up-front costs; some second mortgages do.

• Like second mortgages, the interest rate on a HELOC may be tax deductible. (Keep in mind when discussing tax advantages with a borrower that you are not a tax adviser, and so always use the word may and always refer your borrower to a tax consultant for details.)

• There are many

e second mortgages, the interest rate on a HELOC may be tax deductible. (Keep in mind when discussing tax advantages with a borrower that you are not a tax adviser, and so always use the word may and always refer your borrower to a tax consultant for details.)

• There are many HELOCs designed for self-employed individuals with limited or no income documentation.

These benefits vary from lender to lender.

Reverse Ohio Mortgage

A reverse Ohio mortgage, also known as reverse annuity Ohio mortgage (RAM), is an Ohio mortgage enabling older homeowners (62 + ) to convert the equity in their home into tax-free income without having to sell their home, give up title, or take on a mortgage payment. The loan is repaid when a borrower becomes deceased or permanently (generally 12 consecutive months is considered permanent) moves away.

Introduced in the late 1980s, reverse Ohio mortgages allow homeowners to receive a lump sum of cash, open a line of credit, or receive monthly income on this loan. The amount a homeowner can borrow depends on the person's age, the equity in the home, the value of the home, and the interest rate.

*The prime rate, which is published in the Wall Street Journal, is an average of the rates charged by the largest banks in New York.

Reverse Ohio mortgages have gained in popularity as baby boomers continue to reach retirement age.

To qualify for a revers