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What is the difference between open-end and closed-end credit?

With an open-end credit loan, you may pay down your loan balance and reuse those funds in the future.  All adjustable rate Reverse Mortgage loans that we currently offer are considered open-end credit.  With a closed-end credit loan, you can pay down the loan balance, but you cannot redraw those funds in the future.  In today‚Äôs marketplace, fixed rate loan offerings are considered closed-end credit.