Debt Problems

How easy is it to release equity from a house to consolidate debts if you are under 60?

Public Comments

1. This sounds like one of those adverts we see on telly.
2. Simple. Just go to your mortgage provider first, then compare that offer with other secured loans. By releasing equity, you will be borrowing that amount againts your home. it will be a standard secured loan, so you can get refused. depending on how much you want to borrow, and how much under 60 you are it should be fine. My advice - shop around. Dont apply everywhere cos that wont help your credit score, just look at what deals they are offering.
3. pretty simple and easy. if what you want is under $100,000 and does not exceed the actually equity in your home, goe to your bank and apply for an equity credit line. you need proof of income and good credit. it only takes a few days to set up. realize that the interest rate on the account is determined by the daily fed interest rate. it will always be a point to two points higher. but basically it is like opening your equity in your house as a check book.
4. it depends on a lot of factors - how much equity you have how much you earn how old you are to term of borrowing The best thing to do is see an independent adviser who will be able to look in to it for you. But don't go trying a number of them as each time it will affect your credit rating and therefore reduce your chances of actually being able to borrow.
5. easy. there are lots of loan or mortgage companies who will "bite ur hand off" to get u to use their company as they charge extortionate rates. so please be careful and shop around but my ex and i did it to help during our split and it was turned around in a month with a lot of pressure/pushing for them to get papers sorted. good luck but as i say....... shop around and be careful who u choose. x
6. The expression "releasing equity" is a marketing term the lenders use. The reality is you are just taking out a bigger loan against your house. Still, you're not alone - just make sure you adjust your lifestyle or you'll be back in the same place. The answer you are looking for is about four weeks.
7. although I dont have an answer to the original question, I can tell you how to reclaim any "charges" made by your bank in the last six years, such as late payment charges, overdraft charges, bouncy cheques d/d's etc. I have just reclaimed £2200 pounds from HSBC in the space of six weeks. It is possible as the Information Commissioners office recently deemed these charges as unlawful. Anyone who wants to know how please e-mail me for details.
8. It's easy enough to get equity from the home, IF you have equity in it. Just a matter of paperwork to do the cash-out refi. Your credit score does have some bearing. Your age does not. :) If you want help, drop me a line at Hall442@yahoo.com. Peace!