Need advice about a home equity loan vs. cash out refinance

you could either do a cash out refinance, where you get your cash at closing, or a equity line of credit where you apply one time, but you get unlimited use of the funds for the first 10 years, without having to re apply each time you need the funds.. only you can say which loan product will be best for your scenario.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

This would be called a cash out refinance and is something I could help with. Whether it is a wise move would depend; you can feel free to call me to discuss at 877 462 3422.

Yes. You'll simply do a cash out refi to cover the original financing (reverse mortgage), and the overage for renovations.

This appears to be a loan on a non-owner occupied house. The rental income should more than cover the mortgage payments. If you have decent credit, this should not be a problem. If credit issues make this a challenge, please contact me for alternate sources of funds.

Sandy -- you are in an enviable position. Yes, this is called a cash out refinance -- and you will want to do that to clear the reverse mortgage that is on the property. You will be getting a good rate, due to the Loan to value, however, you might be dinged a bit due to the low total loan amount.You should talk with a local, licensed mortgage professional, and if there is not one there in Truckee, I would suggest you contact my sister office of Bay Equity in San Ramon at 925-973-5701. Good luck with your future on this home!

This is called a cash out refinance and you will have to pay off any amounts owed. As to the wise move more factors are involved. You should contact a local realtor and mortgage professional for their assessment.

A home equity line of credit is treated the same as a second mortgage as far as rate it would be much higher that a cash out for the same 20,000.00. The difference is wtih the heloc you only pay on what you use instead of immediately like with the re-fi. So you have to determine if you're going to use the money right away.