Sentences with phrase «borrowing in a lump sum payment»

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It's similar to a personal credit card because it allows you to borrow funds as needed, without having to take the full amount in one lump - sum payment.

With a home equity loan, you receive a lump sum payment for whatever amount you borrow, based on the amount of equity you have available in your home.

A reverse mortgage allows qualified senior homeowners to borrow against their home equity tax - free2 while continuing to own and live in their house.3 The money can be received as a lump sum, 4 monthly payments, or a line of credit to access when needed.

the best personal loans are very simple and easy to understand.You receive a lump - sum payment of the amount you borrow, and then you pay back the personal loan in monthly installment payments.

When you take out a second mortgage using your homes equity, you take the equity amount in one lump sum, and make monthly payments on the borrowed amount.

Many seniors take out reverse mortgages as open credit lines, instead of taking cash in a lump sum or payments, because when you set up a reverse mortgage this way, the amount you can borrow increases each year.

For example, if you borrow 100K at 5 % for 30 years instead of at 4.5 % for 15 years, and invest the difference in payment ($ 228 per month) at 6 %, after 15 years, you will have a lump sum of $ 66300, and will still owe $ 67,800.

Depending on how much equity you have in your home, you may have the option of borrowing cash at the time of the refinance — so that once all the paperwork is done, you'll have a lump sum in your bank account, which you will pay back as part of your regular mortgage payments.