By Richard Eisenberg
A new Bankrate survey says 62% of homeowners never plan to move. If you’re one of those who’ll be aging in place, you may be considering using your home equity to help do it, by taking out a reverse mortgage, a home equity line of credit (HELOC) or a cash-out refinance of your first mortgage. That might be a good idea, but you’ll want to know the pros and cons before making your decision.
Five experts offered smart advice about using home equity (the difference in the market value of your home and how much you owe) to age in place at a Next Avenue/National Reverse Mortgage Lenders Association (NRMLA) webinar I moderated recently. They answered questions from Next Avenue readers and some of the nearly 200 webinar attendees. Below, are their key points.
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