Both options offer homeowners unique access to home equity. Here's how to determine which will be better in 2025.
The unique economic climate of 2024 is quickly coming to close. While inflation finally dropped this year and interest rate cuts were issued for the first time since 2020, the American economy still has some way to go to fully recover from the inflationary period of recent years. And that means many Americans may be exploring new ways to make ends meet.For homeowners, this can take the form of borrowing from their home equity.
So it's not an ideal way to borrow money if you're not confident in your ability to make all of the repayments.Because of the repayment structure, however, it can be better than a reverse mortgage, especially at today's lower rates. Unlike the latter which pays the homeowner, home equity loans will need to be repaid to the lender. This means that you can, in theory, increase your home's value once the loan is paid back.
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