Home Equity loans for vintage people
July 5, 2017
I’m Miriam Neff-with STARTING OVER FINANCIALLY,-and I’m Valerie Neff Hogan, and we’re here to talk about money
M Its not unusual for vintage folks to need money from the equity in their home as they age in place. Medical costs grow and sometimes added help is needed. Your home may be a valuable asset. Spending that accumulated equity may add to the quality of your life.
V Lets think about a home equity loan. Your home is collateral. When you sell, or leave this planet, the loan is paid from the sale of the home. Costs are lower and your heirs receive the remaining profit from your home if any.
M I prefer the home equity loan over a reverse mortgage. Any equity remaining goes where I want it to go, not to the lender.