Three common avenues for doing so are reverse mortgages, home equity loans and cash-out refinancing. A reverse mortgage is a loan for older homeowners who have significant amounts of equity.
A home equity loan lets you borrow money using your home as collateral. You'll get a lump-sum payment and repay the loan with fixed-rate interest over a predetermined term. Some or all of the ...
A home equity loan can be a cheap way to access a large amount of cash and it can be a good idea as long as the money goes toward increasing your home's value.
Both home equity loans and home equity lines of credit (HELOCs) allow you to borrow against the value of your home, but their exact terms vary. If you’re looking for a way to borrow money ...