Even in a down market, home equity can be tapped for cash – whether it's by selling, renting or getting a reverse mortgage.
If you’re interested in borrowing against your home’s available equity, you have choices. One option would be to refinance and get cash out. Another option would be to take out a home equity line of credit (HELOC). Here are some of the key differences between a cash-out refinance and a home equity line of credit:
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Second mortgages aren’t the only way to tap the equity in your home to get some extra cash. You can also do what’s known as a cash-out refinance, where you take out a new loan to replace the original.
There are several ways you can access equity in your home. Consider the following: Home equity loan (also called a second mortgage). This is a second mortgage on your home. With this loan, you now have two mortgages on the house. Cash-out refinance (cash-out "refi"). You take out a new mortgage which is larger than your current one.
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You can get a lump sum of cash upfront when you take out a home equity loan and repay it over time with fixed monthly payments. Your interest rate will be set when you borrow and should remain fixed for the life of the loan. Each monthly payment reduces your loan balance and covers some of your interest costs.
FHA offers the Home Equity Conversion Mortgage (HECM) for seniors who hold substantial equity in their homes. FHA insures these loans and they are only available through FHA-approved lenders. A HECM does not require monthly payments, and if you have enough equity, can actually make lifetime payments to.