Turn Your Home into Cash -- Without Moving Out
If you’re among the privileged class of Americans who own their home outright or through a mortgage, well done. Rather than throwing money out the window on monthly rent, you’ve made an investment that will benefit you for years to come.
But if you’ve always assumed that your home would only produce returns upon selling, think again. The equity you’ve invested in your home can actually benefit you today. Here’s how.
Turn your home into extra cash (without hosting strangers).
No, we’re not about to tell you to rent out a room of your home to travelers. Instead, consider taking out a Home Equity Line of Credit, also known as a HELOC. A HELOC is a type of loan that uses your home as collateral. Because lenders see it as a low-risk loan, rates tend to be much lower than a credit card. You can think of it as giving yourself a loan.
You earned it. Now spend it however you wish.
Once you’ve been approved for a HELOC, you’ll receive a “line of credit.” This is essentially a promise of cash, should a need arise. If it does, a lender will provide you with funds to be spent on whatever you need, all with low closing costs. Just remember, you’ll need to pay it back. Many Americans unlock their home equity for needs like:
- College Expenses
- Medical Bills
- Home Improvements
- Wedding Costs
The catch? Finding a great rate. Here’s how to find the best of the best.
A Home Equity Line of Credit is only as lucrative as its interest rate. And those vary widely across the financial services industry. We recommend using a lending comparison tool like LendingTree to help you narrow down your options. LendingTree makes hundreds of banks compete for your business at once with a single form. It’s fast, secure, and you can even do it from your phone.
See what your home equity can make happen for you.Apply for a HELOC today