6 Mortgage Options for Seniors - Total Mortgage Blog
6 Mortgage Options for Seniors - Total Mortgage Blog
Abstract
There are several mortgage options for seniors to consider and some are designed with seniors in mind. Refinancing to lower monthly payments due to reduced income is a large amount of built-up equity. Cashing out part of the equity in your home is a possibility if you’ve built up your house and have paid off most of your mortgage. Cashing in your own house is a good option. If it is a new mortgage is a great way to get a new home. If the mortgage is the best option for a home that is not a mortgage, it can be a good way. The mortgage is also a good thing to pay off your debt. The Mortgage is an easy way to use a portion of your accumulated equivalent to get a loan that functions like a credit card with a HELOC (HECM) and a home equity loan that works like a bank credit line.