Sentences with phrase «converting accumulated equity»
The process of paying off one loan with the proceeds from a new loan using the same property as security, usually, for the purpose of obtaining a lower interest rate, converting accumulated equity into cash, or both.
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A home equity conversion mortgage (HECM)-- commonly called a reverse mortgage — allows owners to convert this accumulated home equity into cash.
If you have accumulated significant equity in your current home, you can convert that equity into cash by selling the home and buying a less expensive one.
Over time you gradually accumulate what lenders call «equity,» an ownership interest in the property that you can often borrow against or convert into cash by selling the house.