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Alternatives for getting money from your home include the following (each of which are discussed in detail in the documents listed in "To Learn More"):
- Borrowing money with the home as security. This can be in the form of:
- A mortgage.
- Refinancing a mortgage to increase the amount of the loan.
- Home Equity Loan (referred to as a "HELOC").
- Renting all or part of your home.
- Reverse Mortgage (like a mortgage, except the bank pays you a monthly amount of money; only for people age 62 and over).
- Sale
- A sale subject to a life estate (you sell the house but keep a right to live in the home for the rest of your life).
- A sale and lease back (you sell the house but keep the right to live in it for a period of time under a lease).
- An outright sale.
To Learn More
More Information
Reverse Mortgages 101 Real Property: Sale-leaseback Arrangements Sale of Home Subject To A Life Estate Real Property: Purchasing A Residence Real Property: Sale Of Real Property: Renting Your Home Mortgage Refinancing Obtaining A Mortgage Home Equity Loans and Lines of CreditRelated Articles
Mortgage Payments: Difficulty Paying
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