We want to help you make the most of your money, and that means giving you options that help put your home equity to work for you.
Home equity is the money that you have already paid into your property, and accessing that equity can be a great option for debt consolidation by using it as collateral for one of the following options:
- Equity Take-Out
Generally used for major purchases (college, family vehicle, etc.) or major home renovations, an equity take-out is a sum of money given to the home owner from a lender. The equity that exists in the property is used as collateral against the loan. An equity take-out is a great option for those who may need several years to pay the loan back.
- Home Equity Line of Credit (HELOC)
A HELOC is a sum of money borrowed by the property owner against the equity in their property. The HELOC however, is not borrowed in one lump sum. Similar to a credit card, the HELOC can be borrowed from in smaller amounts until a previously agreed upon limit is reached. A HELOC is best used for short term borrowing and is often used for “emergencies” such as replacing hot water heaters or furnaces, home renovations and other surprise circumstances.
- Home Equity Investment Loan
A Home Equity Investment Loan is a great way to kick-start your plans for the future. These loans allow property owners to borrow money against their equity and have the money invested for future use. With the right plan in place you will be able to save more for retirement, pay less tax, and pay your mortgage off faster.
For more information about Innovative Mortgage Solutions and how we can work with your equity, book your appointment today.