Equity Loan Information

My home is paid in full. I need money now though so how can I use the equity in my house to survive?

The market value of my house is approximately $500,000 and I'm having a hard time selling it. I really need money to live on (pay some bills, health care and just general living expenses as I am retired now) but I don't know what kind of "loans" I can use to utilize my equity. Any suggestions?

Public Comments

1. a Home Equity Loan is what you are looking for.
2. A reverse mortgage is one possibility.
3. You could get a reverse mortgage. A home equity loan would be only useful if you would be getting income in the future to pay it back. With a reverse mortgage, you won't be passing the house onto your kids. It'll go to the bank. I suggest you move into an apartment and rent out your house. Then you can always sell it when the economy picks back up.
4. Tough time in many areas to sell a house. But rental has actually picked up. (Makes sense when you think about it) You could rent it out and move to a rental apartment where upkeep, maintenance, and utilities may be less and no property taxes. Check in the paper, and real estate offices specializing in your neighborhood on what do homes in your area rent for. Then you can see what level of cash flow may be generated to live on after subtracting the rent you would pay from the rent you would recieve. In many areas the differeance in seeling it later in a couple years may yeild a big difference in your favor. A reverse mortgage is possible also but they are expensive relative to fees and you will not be able to pass it on to heirs. If all your relatives have lives a very long life and you feel lucky too this maynot be a bad option. Just know there are many more "nicks and cranies" in these contracts than even regular mortgages have so an attrny is well advised. The good part is you continue to live in your same home until you leave the planet and you get monthly income.
5. refinance to a fixed rate. duh