Posts Tagged ‘ home equity ’

Home Equity Loans Come With A Lot Of Perks

With the current economic turbulence and the slump in the property market, home equity loans have become very popular with homeowners. Whether you are a debt laden consumer who is frantically looking for an option to consolidate your debts, or a desperate consumer who needs an urgent loan to buy a new car or renovate your house, a home equity loan can sort things out for you. Home equity loans, which are also known as second mortgage loans, can be acquired simply by securing the loan amount against your home.

If you are a homeowner with sufficient equity in your home, you can take advantage of a home equity loan. You will be using the equity in your home to secure a loan with a lower interest rate. Read on to know more about the benefits of home equity loans.


  • A home equity loan offers you longer repayment terms and a lower rate of interest. An extended repayment period ensures a reduced monthly payment for you.
  • The best part of home equity loan is yet to be unveiled. Even an individual with poor credit or bad credit is eligible to obtain a home equity loan, provided he has adequate equity to back up the loan amount. In short, no credit check is involved with a home equity loan.
  • A home equity loan could be used for several purposes. If you’d like to finance your consolidation loan or would like to make some home improvements, a home equity loan is there to help you out. In fact in order to bear the major expenses like investments or steep medical bills, you can also use a home equity loan and can pay off the debt amount.
  • If you are wondering why a home equity loan is available at a lower interest rate, the answer is plain and simple. The interest charged on the home equity loan is tax deductible.

Continue reading this post


Posted by: Guest Contributor on April 18th, 2012 under Financing, Mortgage and Home Loans

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A Functioning Market Niche

The Home Equity Conversion Mortgage is  a  product created by Congress in 2008 to provide some liquidity to the struggling home market. The amount you can borrow depends on age, current interest rates, and the appraised value of your home or FHA’s mortgage limits,whichever is less. Generally, the more valuable your home is, the older you are and the lower the interest, the more you can borrow.

  1. No payments are necessary as long as the house is your principal residence.
  2. No need to repay the loan as long as you or one of the borrowers continues to live in the house
  3. You can never owe more than the value of your home at the time you or your heirs sell the home.
  4. When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and fees.
  5. The rest is yours.

The Rules Just Changed

More seniors are turning to reverse mortgages to supplement their retirement savings, which have been decimated by market losses. Continue reading this post


Posted by: Howard Sobel on June 19th, 2009 under Financing, Mortgage and Home Loans


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