You may find that it's a convenient way to
access your home equity now and use the money to benefit your current situation.
Not exact matches
If you get the line of credit
now, the amount you can borrow grows as you age, effectively locking in immediate
access to
home equity when you need it most.
By using your largest asset — your
home — a
home equity conversion mortgage allows you to pay off bills
now, help with expenses,
access funds later, or all of these!
The Joneses gained
access to homeownership, began creating
home equity and are
now getting ready for parenthood!
Under the adjustable rate reverse mortgage, homeowners can choose to receive
home equity in monthly payments, term or tenure payments (a term payment being for a set term established by the borrower and a tenure payment being a payment for life), in a line of credit that you can
access when you want, or a combination of any of these choices (i.e. a small lump sum to make repairs
now, a portion in a line of credit to be able to
access for later needs and the remainder in monthly payments for life).
Since you can get approved for an amount of credit
now and not
access the funds until you need them, a
home equity line of credit is a good choice if you simply want the ability to
access cash as you need it.