Home equity options
HELOCs built for retirement, not for a paycheck.
Senior-focused HELOC programs qualify on income, credit, and equity with program terms designed around retirees — often in second position, so your existing low-rate mortgage stays put.
What makes a "senior" HELOC different
The product category is real, not marketing: several lenders now underwrite home equity lines specifically for borrowers in or near retirement. Payments are typically interest-only during the draw period, qualification leans on equity and program requirements rather than a working salary, and the structure is commonly second-position — you keep your existing first mortgage exactly as it is.
The trade-offs of the HELOC category still apply: a required monthly payment, variable rates, and program-dependent rules about whether the line can be reduced. For some of my clients a senior HELOC is the bridge that makes sense in their 60s, with a reverse mortgage considered later. For others, starting with the HECM line of credit — which grows over time and cannot be frozen the way a HELOC can — is the stronger long-term position. The comparison table shows both honestly.
Which line of credit grows with you?
HELOC for Seniors and the HECM line of credit look similar on day one. Ten years in, they behave very differently.