Home equity borrowing needs to be approached carefully by seniors. Here are three mistakes to avoid when doing so.
Home equity can be a powerful tool for millions of homeowners – especially right now. With the average home equity amount hovering around $320,000 currently and with interest rates on home equity loans and home equity lines of credit many points lower than the popular alternatives, this option is uniquely advantageous.
The money will need to be repaid if the house is sold or if the owner dies. But it can still be a valuable alternative to first explore, especially compared to the monthly routine of making home equity loan payments.Check your reverse mortgage options online today.Using it for the wrong reasonsDuring the holiday season - or in January, when dealing with big amounts of credit card debt - it can be tempting to utilize any funding source available, including home equity.
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