You repay a portion of the total balance each month. Like Home Equity Loans, Home Equity Credit Lines are essentially a second mortgage. You will probably be required to pay a processing fee, an appraisal fee and points. These added costs spread out over time that you will remain in your home, in effect, raise your interest rate. But shop around.
Some financial institutions do occasionally waive closing costs.
Home Improvement Loans Home Improvement Loans work the same way as home equity loans. But in some States, they are offered on an unsecured basis. A reverse mortgage isn't an option for everyone. And not every lender offers reverse mortgages. You must own your property free and clear.