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Home Equity Considerations

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What is Home Equity Loan?

A home equity loan is basically a second mortgage, where the total amount you intend to borrow a lump sum in one take and pay every month. The time period is typically 5-15 years. A line of credit or HELOC capital, provides you the ability to borrow up to a certain amount over a period of 10 years.

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How does it work?

Once you procure the loan, the lender will pay a one-shot lump sum. After receiving this amount immediately you start paying a fixed interest rate. In other words, you pay a fixed amount each month during the term of the loan, if it is five years or 15 years.

Who is eligible?

Below are the minimum eligibility requirements for a home equity loan:

  • Your credit score must be 620 or higher – 700 and above are most likely qualify.
  • You have to show a maximum loan to value or LTV, 80 – 20 percent equity value of your home.
  • You have the required documented ability to repay the loan.
  • A rough estimate of the amount you want to borrow.

Various lenders have different borrowing standards and rates for home equity products, so you’ll want to shop around for the best deal.

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Take advantage of low interest rates and find a mortgage that fits you budget. Get a home equity quote now.

Advantages and Disadvantages.


  • Borrower does not have to make monthly payments towards your loan outstanding
  • Funds can be used for living expenses, debt payments, health expenditures, and more
  • Proceeds can help borrowers enjoy their retirement life
  • Non-borrowing spouses who are not on the mortgage can stay at home after the borrower dies


  • Borrowers should take good care of the house and pay property taxes and homeowners insurance
  • A reverse mortgage forces you to borrow against the equity in your home, which could be a major source of wealth
  • Fees and other closing costs could be high

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