I have a lot of equity built up and I'm in a bind financially. What would be the best way to get some cash to help out my situation?

Asked by Garry

4 Answers

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Answered by Michael Emond, Mortgage Broker in Roselle, IL
A home equity line of credit from your bank, you already have a relationship with them and they would be able to move the fast for you, note you will still have to qualify with income and credit. | 08.24.15 @ 21:44
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:24
Answered by Pouyan Broukhim, Mortgage Broker in Los Angeles, CA
You can get a hard money loan,, yes its more expensive but it is quick and can close in 5-7 days. My contact information is in my profile. | 08.25.15 @ 19:13
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:24
Answered by Charlie Donaldson, MBA in Newark, DE
Great question!

This is precisely why I HATE the idea of having home equity. You have an asset called equity, which you can’t touch. If your asset was a savings account, we wouldn’t be talking right now.

Here’s the great thing about having home equity: as long as you’re working, healthy, and have income you get the joy of going to a bank and begging for your own asset. (Do you feel my sarcasm here?) If you don’t have income, you’re out of luck.

If you can, I would advise you to take as much equity out of your home as possible for the longest possible term. (80% of value for 30 years likely.)

Then, you have access to your asset whenever you want. If you lose your job and want some of your equity, you can beg yourself… Go ahead; look into the mirror and say “hey, can I have some of my money? Yes? Awesome! I’m so glad I don’t have to go beg a bank.

Now, might you use some of your own money to pay back the loan? Sure. Where’s the problem? Oh, you’ll pay 4% interest on the loan? Yup, there is an account right now that will pay you 4% interest on your cash. And it can never be less than 4%, GUARANTEED! Yes, right now, today, 8/25/15!

Now, if your financial advisor doesn’t have access to this product it’s because there’s only an ultra-select group of advisors that have this product. Last I checked… there’s a total of 6 in the entire world allowed to sell this. (I’ve applied to be #7 and I’m waiting to get my approval.)

So think about this: Are the following 2 examples different?
1. You have $100,000 home equity and no loan
2. You have a $80,000 loan with $20,000 home equity AND you have $80,000 sitting in the bank. Your loan payment and your bank account interest are the same amount each month.

So… Is there a difference?

I hope this has helped. If you want to learn more about the high interest account I mentioned, give me a call. I’ll tell you about it and if I can’t get you started, I’ll tell you who to call to get it.

Sincerely,
Charlie Donaldson

| 08.25.15 @ 21:51
Comment 1  
Saving in WI — Charlie, could you please inform us where we can get 4% interest with our money sitting in a bank account that is 100% accessible? | 08.25.16 @ 13:12
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:24
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Answered by Saving in WI
Garry, do not take out a secured loan against your house! | 08.24.16 @ 16:20
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:24
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