Sitting on Wealth? Unlock It by Tapping Your Home Equity!
You may be thinking that you don’t have any wealth to speak of, but if you own your own home, it’s likely that you have an asset that could provide you with the wealth you’re seeking. How do you get to it, though?
Your Home is An Investment
A house truly is an investment. One of the main reasons people decide to buy their own home is that they want to invest the money they spend every month for a place to live in their own home rather than giving it to a landlord. The problem with investing your money in buying a house is that it’s tough to get to it once you’ve sent it off in the form of a mortgage payment.
Tapping Your Equity
There are a few options for tapping your home equity.
- Home equity loan
- HELOC (home equity line of credit)
- Reverse Mortgage
- Cash Out Refinance
- Selling your home traditionally
- EasyKnock’s Sell & Stay
Getting to your equity can be tricky, and most of the equity tapping options above don’t actually give you your equity; they simply loan you money with your home equity securing the loan.
In order to access your equity, you traditionally have to meet certain credit requirements, plus you’ll probably have to pay interest in order to get your own money. That doesn’t seem quite right, does it?
Selling is Nearly the Only Way to Actually Get Your Equity
A cash out refinance allows you to refinance your home and take out some of the equity you have built up out in cash. This means that you can get to your equity without paying interest on it, but you will have to pay interest on the new, higher mortgage balance. You’ll also need to have a decent FICO score and a steady source of income to pull off a refi that doesn’t come with worse terms than your original mortgage.
If what you really want is to get your equity rather than a loan that you’ll have to pay back with interest, you may have to consider selling your home. In the past, this meant that you listed your home with a real estate agent and they helped to get it sold, or even that you listed your home for sale by owner. Once your home sold, you’d have to move and find a new place to live. With Sell & Stay, the hassles of listing your home and moving are both eliminated.
Sell & Stay Lets You Sell Without Uprooting Your Life
When you need access to your home equity, you don’t want to pay interest on it, and you don’t want to move, Sell & Stay might be the perfect solution to your problem. You simply let EasyKnock buy your house and lease it back to you so that you can pocket a portion of your equity. From there, you’ve got a few the flexibility to choose what you want. You can continue leasing your home, or if you decide you want to keep your home, you pay back what you took from your equity. If you decide you want to move somewhere else, you let EasyKnock sell your home and you pocket the remainder of your home equity.
If you want to access the wealth you’ve been sitting on, contact us here at EasyKnock to see if Sell & Stay is right for you.