Get Money for Retirement
Use Your Home Equity to Enjoy Your Life
So, you’re ready to retire – congratulations! If you’ve made your mortgage payments on time and your home has increased in value, there’s a good chance you’ve built up lots of equity in your home and that can be an important tool for covering your expenses in retirement.
There are many ways to borrow against your equity. Our mortgage bankers can help you find the solution that works for you.
A HELOC (Home Equity Line of Credit) lets you borrow money from your home’s equity like using a credit card. You can withdraw funds as needed over about ten years. Afterward, you repay what you borrowed.
A cash-out refinance replaces your current mortgage with a larger loan. The new loan pays off your existing mortgage, and you receive the extra amount as cash, which comes from your home’s equity.
If you’re 62 or older, a reverse mortgage lets you receive tax-free monthly payments from your lender. You don’t have to repay the loan until you sell your home, move out permanently, or pass away.