Why home equity loan is better than using PF money to meet lump sum need

 · Home equity is not the same as cash in the bank; only cash in the bank is the same as cash in the bank. Being house rich and cash poor is a dangerous position to be in. It is better to have access to the equity or value of your home and not need it, than to need it and not be able to get at it.

It allows over-55s to borrow against their home, paying interest only at the end of the loan. using equity release. How to use drawdown to cut the cost of equity release Under a drawdown plan,

If your home is worth more than you owe on it, a home equity loan can offer funds for anything you want-you don’t just have to use the money for home-related expenses. However, using your home to guarantee a loan comes with risks. A home equity loan is a type of second mortgage.

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Your interest rate for a home equity loan will likely be lower than one for a personal loan because the balance is secured by the equity in your home. Lower interest rates can save you thousands.

A lot of middle class families who have limited income source at some point in their life face a financial crisis where they are unable to meet an uncalled for need for lump sum money.

Unless you have a legacy mortgage under around 3%, you’re not going to find a better guaranteed rate either. Treasury bonds are paying less than 3% right now. So paying down any loan that’s costing you more than that is the highest guaranteed return investment available to you.

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4 benefits of debt consolidation through home equity. A home equity loan or a home equity line of credit (HELOC) can help you tap into your home equity to borrow money. Unlike a home equity loan, a HELOC is a revolving line of credit rather than a lump sum. That means you can use the funds over time as you need them.

If you have equity in your home and need more cash in retirement, a reverse mortgage-or home-equity loan or line of credit-is an obvious option.

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