Do I ever have to pay back the cash from a home equity loan? Or is it basically just free money?

Since it's called a LOAN, and your signing LOAN documents, and all LOANS require repayment, otherwise it wouldn't be a LOAN... right????? Home equity lines of credit are an easy way to get the equity out of your house without having to sell it and move.. that's why they are popular. Since it is a loan, you will have to pay it back.. and as you pay, you lower how much you owe on your home, in turn, increasing your equity... .. 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

Yes your do have to pay it back; as William stated, it's called a loan for a reason. However, it is a great program and way to use what you have put into your home for other needs.

As William stated, it is a LOAN. It's not free, and a bank doesn't give a loan out of the kindness of their hearts. They expect to be repaid, with interest. Look at it this way, if you lent money to a friend or family member for a period of time and expected the money back within a specific period of time, would you feel kindly if they thought the money was FREE?

Yes you always have to pay it back. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Your mortgage note will have the terms of repayment, which are often interest only, paid monthly, with a due date for entire repayment, or larger monthly payment at a future date, say 5 to 15 years later. It must be paid in full when you sell your house.

Since it's called a LOAN, and your signing LOAN documents, and all LOANS require repayment, otherwise it wouldn't be a LOAN... right????? Home equity lines of credit are an easy way to get the equity out of your house without having to sell it and move.. that's why they are popular. Since it is a loan, you will have to pay it back.. and as you pay, you lower how much you owe on your home, in turn, increasing your equity... .. 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

Since it's called a LOAN, and your signing LOAN documents, and all LOANS require repayment, otherwise it wouldn't be a LOAN... right????? Home equity lines of credit are an easy way to get the equity out of your house without having to sell it and move.. that's why they are popular. Since it is a loan, you will have to pay it back.. and as you pay, you lower how much you owe on your home, in turn, increasing your equity... .. 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

Please remember that when you pay on your mortgage you do not gain equity dollar for dollar. A 30 year fixed rate mortgage is paid down using an amortization schedule. When you make a payment on your mortgage during the first ten years a majority of your payment is going towards interest on your balance owed. The result of this is that less equity is gained in the first ten years of your mortgage. Equity is gained in two ways paying down principle and by the value of your property going up. If you would like help with your mortgage and live in Michigan please call me 517-240-3015

Yes, you have to pay back the money you take out from a home equity loan. If you have equity in your home, you can borrower against it, but you will always be required to pay it back. When you take out a home equity loan, it will also decrease the amount of equity you have built in your home and you will have to pay that off over time by paying your mortgage.

Yes, because it is a loan.

it is a LOAN

it is a LOAN

No - not if it's a Reverse Mortgage Credit Line.