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Cash-Out Loan: Equity Loan or Line of Credit?
Mortgage Library: Ask a Mortgage Related Question: Answers: Cash-Out Loan: Equity Loan or Line of Credit?
We have a 2-bedroom condo appraised (gov't) at $375K. Have about $75K remaining on our mortgage. We want to tap into our equity to remodel. We are thinking about having a cash-out loan with either a home equity loan attached (20-40K) or a line of credit. What would be our best option? I'm in early 60s, wife in late 50s. When would we be eligible for a reverse mortgage?
Either home equity loan or a home equity line of credit would work for you. Personally I would go with the former because of the fixed rate feature.
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