Home Buyers and homeowners are renovating like never before, with a renovation loan they have funds for a wide range of projects, from required repairs, energy updates, landscaping and even an addition. A renovation loan can make the difference between making a house a dream home, or helping restore an older home to its former glory.

Now you can give your customers the option to renovate and rehab a new or existing home by including financing in their conventional purchase or refinanced home loan. The loan to value is calculated by taking the proposed project into account, using the as completed value giving them more purchasing power and more options to make their home their own.

A Reverse Mortgage or Home Equity Conversion Mortgage is an increasingly popular consumer loan for senior homeowners age 62+ that are looking to remain in their home. It allows these homeowners to tap into the home equity that has been built up.  There are no monthly mortgage payments and homeowners can generally receive their home equity as tax-free cash. The repayment of the loan is deferred until the homeowner sells, moves out of the home for more than 12 consecutive months or passes away.

A home equity loan allows you to borrow against your home equity, which is the portion of your home that you own. These loans are sometimes called second mortgages, equity loans, equity line of credit or home equity installment loans. They provide you with a lump sum of money that you can spend however you want. In return, you’ll make monthly payments, typically with fixed interest rates, though some prefer the variable interest rate options!

A construction mortgage is a short-term loan product that covers the cost of building a home. There are two main types of construction mortgages. Stand-alone requires two separate loan closings. Construction-to-permanent, which starts out as a construction loan and converts to a regular mortgage upon building completion, requires only one closing.