Maine Mortgage Company A close-end loan is a type of second mortgage loan offered by a Maine mortgage company. This traditional second mortgage loan provides you with a fixed amount of money repayable over a fixed period. This type of loan advances all funds at the time the loan is closed with no further advances. The loan can be interest following or pre-computed. A home equity line is a form of revolving credit in which the home serves as collateral. With a home equity line, the borrower will be approved for a specific amount of credit. The credit limit is the maximum amount the borrower can borrow at any one time. Taking 75% of the value of the home and subtracting the amount owed on the first mortgage usually determine the credit limit. Click Here Find the competitive mortgage rates from Maine mortgage company Maine Mortgage Brokers A Maine reverse mortgage loan is a special type of mortgage offered by a Maine mortgage broker that enables older homeowners to tap the equity in their homes. Homeowners borrow against the value of their homes and receive loan proceeds according to the payment plans they select. In effect, reverses the direction of the payments. Unlike traditional mortgages or home equity loans, no repayment of the loan is required until the borrowers no longer occupy the home as their principal residence. At that time the loan would be due and payable. This could be due to death, moving out of the home, or selling the property. When a borrower no longer occupies the home, the accrued interest plus any cash the lender has paid to the borrower is due and payable.