Home Equity? Never Heard of It?!

If you are over the age of 62 and you have never heard of home equity then you need to read further.   Home equity can mean peace of mind for cash-strapped senior citizens who may be thinking of relinquishing their beloved homes.  The concept of home equity is not difficult to grasp.  It is basically the opposite of a traditional forward mortgage.

 

First of all, home equity simply allows you to obtain cash advances against the market value of your home that do not have to be repaid until the home sells, you die or you or the last co-owner moves to a new permanent residence.  The money received from home equity can be obtained as one large sum, monthly installments or in the form of a line of credit. The money can be used however you like.  With home equity, it is OK to approach a lender without any sort of income whatsoever.  Since you will never have to come up with a monthly payment for as long as you live, or live in your home, income amount  is not an issue.  That is why home equity based options are particularly attractive to senior citizens.  Interest fees for compensation dispersed are simply added to the debt.  You can even pay the fees for obtaining the loan with the cash from the reverse mortgage itself.

 

How much money you can get from home equity varies.  It is really decided by two things.  First, the older you are, the more money you are eligible to get.  Second, the more your home is worth, the better off you are.  Basically, with home equity you are spending your home equity instead of adding to it, as with a forward mortgage.  Home equity are capped at the point the debt would exceed the home’s market value.

 

Senior citizens face enough challenges these days without having to make the tough decision to move out of a home in which they are comfortable.  Home equity can allow you to keep your home and your peace of mind.   Home equity offers a valuable option.

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