Consider the alternatives
A refinance, a HELOC, a reverse mortgage or a move may meet different needs. Discuss income, cash flow, estate goals and plans to remain in the home.
Understand a growing balance
When interest is not paid regularly, it is added to the balance and can compound. The amount left in home equity will depend on borrowing costs and property value changes.
Review the conditions
Age, property, occupancy and equity requirements are lender-specific. Ask about repayment events, early repayment charges and independent legal advice.
A useful starting checklist
- Property and existing mortgage information
- Age and ownership details through a secure channel
- Goals for the funds
- Questions for your legal and tax advisers