Can I Mortgage My Home If I Own it Outright?
A homeowner can take out a home that they own outright. In this case, it takes on different forms. For example, it’s possible to mortgage my home for several reasons such as retirement.
Older homeowners who are ready to enter retirement can apply for a reverse mortgage. This allows them to use their home’s equity as income for the years when they no longer work. It’s a nice option because there is nothing to pay back in the end. The homeowner is simply taking income from an asset that they purchased.
In other cases, it’s possible to request a credit line or other home loan. As a current homeowner, home loan rates are often more favourable. Lenders like to keep their best clients as such for the long term.
If you remortgage your home, you can use the funds to pay for a renovation or upgrade. Homes require maintenance, which is expensive. If you don’t have those funds available to you, you can borrow from yourself in a way.
Mortgage House is a non-bank lender that specialises in innovation. Our solutions offer clients the opportunity to make their financial goals a reality.
Our loan specialists have the tools to find worthwhile loan products and home loan rates for most circumstances even if you already paid off your home.
Mortgage my Home Conclusion
It’s possible to mortgage my home. In many cases, the process has a few requirements. For example, you can apply for a reverse mortgage. Mortgage House loan specialists have the tools to find the appropriate loan products. Contact our team today.