Top Alternatives To A Reverse Mortgage

If you’re 62 or older, you may be able to convert the equity in your home into cash with a reverse mortgage. This loan lets you borrow against the equity in your home to get a fixed monthly payment or line of credit. Repayment is deferred until you move out, sell the home, become delinquent on property taxes and/or insurance, the home falls into disrepair, or you pass away. Then the house is sold and any excess after repayment goes to you or your heirs. Here, we take a quick look at the top alternatives to reverse mortgages:

If you have an existing home loan, you may be able to refinance your mortgage to lower your monthly payments and free up some cash. One of the best reasons to refinance is to lower the interest rate on your mortgage, which can save you money over the life of the loan, decrease the size of your monthly payments and help you build equity in your home faster.

Essentially a second mortgage, a home-equity loan lets you borrow money by leveraging the equity you have in your home.

A home equity line of credit, or HELOC, gives you the option to borrow up to your approved credit limit, on an as-needed basis. Unlike a home equity loan, where you pay interest on the entire loan amount whether you’re using the money or not, with a HELOC you pay interest only on the amount of money you actually withdraw.

The other options so far keep you in your existing home. If you’re willing and able to move, however, selling your home gives you access to the equity you have built.

 

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