Definition
Home equity conversion is the process of converting home equity into cash through refinancing, home equity loans, or reverse mortgages. Allows you to access equity while remaining in your home.
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Allows homeowners to access equity while remaining in home. Includes cash-out refinance, HELOC, or reverse mortgage options.
Pro Tip
Compare home equity conversion options. HELOC rates may be better than refinance.
Example
Homeowner takes $100,000 home equity loan at 7% to fund home improvements.