3 Mortgage Options for Homeowners in Financial distress
It’s not uncommon for homeowners to experience financial difficulties. In fact, many Americans are currently struggling to make ends meet due to the COVID-19 pandemic. If you’re having trouble paying your mortgage, you may be wondering what your options are.
One option is to get a cash-out refinance. With this type of loan, you can refinance your existing mortgage and take out additional cash. The cash can be used for any purpose, such as home improvements or paying off other debts.
Another option is to enter into an equity sharing agreement. With this agreement, you give up a portion of the equity in your home in exchange for cash. The cash can be used for any purpose, and you don’t have to make any monthly payments.
Finally, you could consider getting a second mortgage. This is a loan that’s secured by your home equity. It can be a good option if you have good credit and can get a low interest rate.
No matter which option you choose, it’s important to make sure you understand the terms and conditions. Be sure to read the fine print carefully before signing any paperwork.
If you’re having trouble paying your mortgage, there are options available to you. Be sure to explore all of your options and choose the one that’s best for your unique situation.