Equity loans create a unique opportunity for homeowners to take advantage of the growing value of their homes without having to sell them. Fill out our free short form to contact up to four lenders about your equity loan.
Equity loans are based on the value that a home has built up. A homeowner can calculate how much equity his or her home has by subtracting the mortgage from the total market value of the home. The remaining value is the amount that is owned loan-free. This equity can be utilized by the owner to raise the value of the home by funding home improvement or renovation.
Equity loans are among the most flexible, low interest loans available. Through equity loans homeowners can take advantage of the worth that their homes have accrued to fund a great variety of projects. Apply online today to make use of into your accumulated equity.
Reverse mortgages are another form of equity loans. Only homeowners 62 years of age and older are eligible to receive a reverse mortgage. This loan has no monthly payment. In fact it works in the opposite way of a regular loan. For the life of the individual, payments are made by the lender to the homeowner, either in one large payment, monthly payments or as a credit line. This type of equity loan is repaid by the selling of the house if and when the owner moves or dies. In this way equity has been turned into cash.