Refinance: What You Need To Know
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What are the best ways to finance your retirement? This is a common question that many people ask themselves in their golden years. However, it is not always easy to find the right answer.
There are many things to consider, including how much money you have saved up for retirement and whether or not you want to buy a new house as soon as possible.
ONE OF THE MOST POPULAR CHOICES IS REFINANCING BECAUSE IT ALLOWS HOMEOWNERS TO CONVERT EQUITY INTO CASH WITHOUT HAVING TO GIVE UP OWNERSHIP OF THEIR HOMES.
Express Refinance
An Express Refinance is an easy way to cash out equity. All you need to do is refinance your existing home and take the money as a lump sum for retirement instead of making mortgage payments.
However, it’s important that you think about what this can mean in terms of taxes and other potential fees before committing yourself. That’s why it’s always best to contact an Express Refinance specialist for a consultation before taking any action.
Reverse Mortgage
A Reverse Mortgage is another option that can provide cash through equity, but the key difference here is that you will still own your home at all times and keep living in it as long as possible without purchasing anything.
The funds are then used to cover the general living expenses of an individual. It’s important that you speak with a specialist before deciding whether this is the right choice for you, as it may depend on your financial situation and personal preferences.
Personal Loan
A Personal Loan can be secured against any type of property, not just your home.
You will need to pay it back with interest and you can choose the loan term length, which is usually very long-term (up to 30 years).
The amount of the finance depends on your credit score but generally ranges from $5000 up to $250 000. If you’re not a homeowner then this may be an option for you.
