Home equity loan
A lump sum borrowed against your home, usually with a fixed interest rate and scheduled repayment. Compare the full cost and how the additional payment fits your budget.
Understand home equity loansHome Equity Loans
with Kimberly.
You can pay cash. But should you?
Your home is more than where you live. The equity you’ve built may give you choices about your next move, access to cash and the life you want to maintain.
Kimberly Gedstad, CRMP · Mortgage loan originator · NMLS #1201644Start with the question that matters to you
Could your equity open another door?
- The home you want feels beyond your monthly budget? Compare your available cash, equity and financing choices before choosing a price range.
- Considering paying cash for your next home? Explore the tradeoff between a smaller loan balance and keeping money available for other needs.
- Want more flexibility as you get older? Discuss housing costs, cash reserves and the lifestyle you want your plan to support.
- Thinking about a line of credit for later? Review your options before a change in income, credit or needs makes the decision urgent. Approval and future access are not guaranteed.
What does “home equity” mean?
Home equity is your home’s current value minus the mortgage debt secured by it. Borrowing against equity creates a loan obligation; it doesn’t create free money. The amount a lender may approve can be less than your total equity.
“Home equity loans” is a starting point for this conversation. A traditional home equity loan, a HELOC and a retirement mortgage are different products. Kimberly can help you understand the differences and discuss which options may be available for your situation.
Your home secures these loans. Missing required payments or failing to meet loan obligations can lead to foreclosure. Compare costs, repayment requirements, remaining equity and alternatives before deciding.
Look at the whole purchase plan—not just the interest rate.
If a traditional mortgage payment limits the homes you can consider, it may be useful to compare another approach. For eligible buyers age 62+, a HECM for Purchase can combine a substantial cash down payment with loan proceeds to buy a principal residence.
The required cash depends on the borrower, home, rates and program rules. A different loan structure may change the cash needed and monthly cash flow; it does not lower the home’s sale price or guarantee a larger purchase budget.
Pay cash
Use your available funds for the purchase. Consider how much cash remains for future needs.
Traditional mortgage
Combine a down payment with a loan that has scheduled monthly payments.
Retirement mortgage option
For eligible buyers, compare a HECM for Purchase with the other approaches, including costs and ongoing responsibilities.
Plan before the pressure
What do you want your equity to make possible?
A move. More breathing room. A cash reserve. A home that fits the years ahead. Start with your goals, then compare the borrowing options and the choice to leave your equity untouched.
Discuss timing while you have room to compare. Opening a line now is not automatically the right choice; consider fees, repayment and the possibility that access or terms could change.
Start my equity conversation Visit Kimberly’s Longbridge website Email opens a draft for you to review and send. Longbridge opens in a new tab.
Educational information, not a loan offer, approval or individualized financial or tax advice. Product availability depends on lender offerings, licensing, property and borrower eligibility. Discuss current programs and terms with Kimberly. Coordinate broader retirement, investment and tax decisions with your qualified advisers. HECMs require HUD-approved counseling and a financial assessment. Longbridge Financial, LLC · NMLS #957935. Equal Housing Opportunity.