Welcome to the third and final blog post in our series, “Beyond Home Equity: How to Finance Your Next Big Expense.” You can read Part II here.
An Alternate Means to Tapping Into Your Equity
If you’ve considered accessing your home’s equity as the means to fund a big expense, you’re probably familiar with the usual suspects– home equity loans, home equity lines of credit (HELOCs), reverse mortgages, and cash-out refinances. Each of these options has its own distinctive characteristics–the reverse mortgage is meant for homeowners over the age of 62, for example, and HELOCs usually have an interest-only draw period, followed by a repayment period. One reason that many homeowners are historically reluctant to tap into their equity is that doing so often requires costly monthly payments, driven by high interest rates.
Find out how much of your home equity you can access
Unison, the pioneer of equity sharing, observed that homeowners were struggling to tap into their equity without the penalty of soaring monthly payments that hampered their financial flexibility. So, through Unison Mortgage Corporation, they launched the Equity Sharing Home Loan: a ten-year, interest-only loan with a shared appreciation component that empowers homeowners to save money and meet their goals with low monthly payments. With competitive rates, the Equity Sharing Home Loan aims to offer homeowners an innovative way to access their equity–one with financial breathing room.
There is no one-size-fits-all method for tapping your home equity for funds. A financial advisor or other professional will be best suited to help you select the best option to fit your unique needs. However, if you are interested in accessing your equity for low monthly payments, learn more about Unison’s Equity Sharing Home Loan and get a rate estimate today!
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