Your home is probably the most expensive thing that you own. The equity in your home represents a valuable investment that represents security in your future. When you own your home, you have many options for tapping into the equity of your home to take care of your financial needs.
Many homeowners choose to refinance their mortgages when interest rates are low as a way to get funds to pay off other bills or to free up their monthly cash flow as a result of having lower mortgage payments. Another option that many homeowners take advantage of is the opportunity to get a home equity loan for the purpose of building a cash nest egg and paying off other debts.
Homeowners 62 and older have another excellent opportunity for benefiting from the equity of their home. This option is the reverse mortgage, and it is designed to allow homeowners who have reached retirement age to generate an income stream based on the equity they have in their homes.
Reverse Mortgages Explained
Since reverse mortgages have only recently starting catching on with homeowners, there is a great deal of confusing regarding what reverse mortgages really are. Only people who...
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