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3 Common Alternatives to Reverse Mortgages


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TERMINOLOGY

Reverse mortgages are a very popular loan product in today's market. However, if you are considering a reverse mortgage, there are also some alternatives for you to look at. Here are some common alternatives to reverse mortgages.

1. Home-Equity Loan

Another loan that you might want to consider is a home-equity loan. With a home-equity loan, you will be able to gain access to your home equity all at once. You will then be required to start making monthly payments to repay the balance of the loan.

2. Home-Equity Line of Credit

Another option that you might want to consider is the home-equity line of credit. A home-equity line of credit will allow you to use your home-equity money whenever you need it. Therefore, if you do not want to access it all at once, you can simply leave the line of credit open an get it when it is appropriate.

3. Refinance

You might also want to consider refinancing your existing mortgage. By using a refinance, you will be able to take out all of the equity in your home that you want. You will also have a long period of time, such as 30 years, to repay the loan. This will provide you with a small monthly loan payment to worry about.