Many borrowers tap their equity to pay for things such as home improvements.
Many borrowers tap their equity to pay for home improvements.
You can tap your home’s equity to pay for things such as home improvements and vacations.
You can tap your home’s equity to pay for home renovations, a college education and more.
The National Reverse Mortgage Lenders Association reports that America’s seniors have $5.83 trillion in home equity, which is 16% more than the pre-recession peak.
Along with financing current living expenses, taxes, insurance and staying current on loan payments, the household budget needs to allocate funds to investing for future life goals.
Thanks to the Federal Reserve, HELOC borrowers are about to get higher interest rates and payments.
When seniors tap the equity in their home through a loan, they’re re-leveraging their investment in their residence. A reverse mortgage doesn’t have a monthly payment, but the interest expense is added to the outstanding loan balance.
Looking at financing college for the parents this year’s freshman class.
Reverse mortgages, available to homeowners age 62 and older, are more appealing to younger borrowers than they were a decade ago, according to a study by MetLife Mature Market Institute. This type of mortgage allows homeowners to borrow against their home equity and receive cash without any payments on the loan being due until the borrower