Question 1

What is a business line of credit?

Accepted Answer

A business line of credit provides flexible access to funds up to a limit. You only pay interest on what you use, can draw and repay repeatedly, and it's useful for managing cash flow fluctuations.

Question 2

What is a fixed-rate mortgage?

Accepted Answer

A fixed-rate mortgage has an interest rate that remains constant throughout the entire loan term (typically 15 or 30 years). Your monthly principal and interest payment stays the same, making budgeting predictable. This protects you from rising interest rates but won't benefit if rates drop unless you refinance.

Question 3

What is an escrow account for a mortgage?

Accepted Answer

An escrow account is managed by your lender to pay property taxes and homeowners insurance on your behalf. You pay a portion of these costs with each monthly mortgage payment, and the lender disburses funds when bills are due. This ensures these important expenses are paid on time and helps you budget by spreading costs throughout the year.

Question 4

How does a reverse mortgage work?

Accepted Answer

In a reverse mortgage, you borrow against your home's equity and receive payments as a lump sum, monthly installments, or line of credit. No monthly payments are required. Interest accumulates over time, and the loan balance grows. The loan becomes due when the last borrower dies, sells the home, or permanently moves out. Heirs can repay the loan or sell the property.

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Frequently Asked Questions

What is a business line of credit?

What is a fixed-rate mortgage?

What is an escrow account for a mortgage?

How does a reverse mortgage work?

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