After some deep thought and research, I could find only one situation where a home equity line of credit, or HELOC, might work better than a home equity conversion mortgage, or HECM, in meeting the needs of consumers. In all other situations where both could be used, the HECM worked better for the borrower. In addition, the HECM can be used for purposes that the HELOC cannot touch at all. The downside of the HECM, the Federal Housing Authority's reverse mortgage program, is that you must be 62 to qualify.
Q: We live in a large 55-and-over community that has a "recreational lease" in addition to our condominium association. We have been told by several mortgage lenders that they can't refinance our mortgages to take advantage of the current low rates due to the rec lease. What can we do?
LOS ANGELES - One of China's largest developers plans to build a $125 million apartment and shopping complex in Hollywood, marking the expansion of mainland Chinese builders in the Los Angeles area beyond downtown and Beverly Hills.