At some point you will have built
some substantial equity in your home.
They've probably already paid off the mortgage and have
substantial equity in the home.
For those people meeting the 62 - year - old age requirement who have
substantial equity in their homes, this can be a means to expand monthly cash flow or eliminate mortgage payments by paying off an existing mortgage through a federally - insured loan.
Tens of millions of homeowners who had
substantial equity in their homes two years ago have little or nothing today.
This could disqualify them from conventional loans or lines of credit, even though they have
substantial equity in their homes.
These were designed for older borrowers who have
substantial equity in their homes.
If you already have
substantial equity in your home, you can access it through a «cash - out refinance» mortgage.
By the time you are considering retirement you may have
substantial equity in your home.
If you're at least 62 years old and have
substantial equity in your home, you could be a candidate for a reverse mortgage.
If you have
substantial equity in your home, you may be tempted to take out the maximum allowed.
For example, if you have
substantial equity in your home, you may be able to tap into it for retirement income by downsizing to a less expensive home or by taking out a reverse mortgage.
A reverse mortgage is a special kind of home loan that comes with certain rules and stipulations, available only to homeowners age 62 or older that have
substantial equity in their homes.
They require that you have
substantial equity in your home and that you are able to pay annual property taxes, home insurance and general upkeep.
Borrowers with
substantial equity in their home may be eligible to receive additional funds after paying off their mortgage.