Page 10 - Your Guide to Accessing Home Equity 7.18.17

#4 Accessing Home Equity using a Home
Equity Line of Credit

A Home Equity Line of Credit, also known as a HELOC
is a loan setup as a line of credit so you can convert
and access a portion of your home equity. You can use
it as a source of additional funds you may need during
retirement and use it to cover any large expenses. Often
times, HELOCs have lower interest rates than unsecured
personal loans, plus the interest is usually tax-deductible.
Below are a few examples of how to effectively use a
HELOC.

HOME EQUITY HAS the pote ntial to be a major source of

financial security fo r U.S. Households.

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Seniors’ Access to Home Equity: Identifying Existing Mechanism s and Impediments to Broader Adoption, Urban Institute, 2017.

Consolidate Your Bills An Emergency Loan
Payoff multiple credit card For the unforeseen costs that
balances and other debts inevitably come your way,
and combine them into one and when your savings are
loan. Instead of worrying not enough, you have cash
about multiple payments, on standby the moment
you will have just one (lower) you need it. Don’t let the
payment. emergencies turn your
retirement dream into a
nightmare!
Home Improvement
Get the kitchen you’ve always
wanted or finance necessary
home repairs.

CALL AAG TODAY
and find out if a HELOC is right for you.

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