A homeowner loan, or a reverse mortgage, means that you can release equity from your home when it’s completely or nearly debt-free. This type of loan allows you to unlock equity in your home to finance renovations, such as new pipelines, or other home improvements. Nordea’s homeowner loan is called HomeFlex. You still own your home and you will only pay the monthly interest during the loan period. You will pay off the loan in one instalment after the expiry of the loan period. The maximum loan period is 10 years. A secured loan, on the other hand, enables you to borrow money against collateral. Assets that can serve as collateral include your home or holiday home, or other assets, such as deposits. With a secured loan, you pay an instalment, interest and a loan servicing fee monthly. Our secured loans include a FlexiPayment feature, which allows you to adjust the amount of your next monthly instalment as you like. The maximum loan period is 20 years.