Discover the benefits and risks of using a home equity loan to pay off your mortgage. Explore strategies to lower payments and manage potential pitfalls.

Key Takeaways Technically, you can use home equity financing to pay off a home loan, but that's often counterproductive.The only ways to access home equity are to sell your home or take out new ...

Borrowers can pay off a HELOC early at any time during the draw period or repayment period. Paying off a HELOC is not the same as actually closing a HELOC. There are benefits to paying off a HELOC ...

A HELOC can be a flexible, low-cost borrowing option for homeowners, but is it the best way to borrow money now?

We’re not making any progress. We’re just paying interest only right now and will for the foreseeable future.” ...

LaGrange recommends weighing non-HELOC options for tackling credit-card debt. If a HELOC turns out to be the best fit, he said, it's important for consumers to use whatever "brain game" tactics can ...

Question: “I’m 68 years old and my wife is 61. Is it wise or prudent to use some of our accrued IRA retirement funds to pay off an $80,000 HELOC? We debt service the HELOC monthly and the interest ...

Both offer viable ways to borrow $50,000 worth of home equity, but only one has timely benefits worth knowing now.

Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home ...