It is possible to use an existing mortgage to get the credit you need
to help out your business or do necessary repairs to your California
home. This should not be the first thing you consider but it can
be an option if all else fails. You can use the equity in your California
home to provide you with the funds you need.
By refinancing your California home mortgage
you can tap into that equity and get the cash you need. This is also
a good idea for consolidating your debt. It will get the money you owe
off of your high interest credit
cards and place it in your low interest California home mortgage.
Remember that this will increase your monthly payments.
Changing your California home mortgage
into a life time mortgage is another way to release some of the equity
that is in your home. This will allow you to get a lump sum of money
and use it as you choose. The interest rates on these loans are high
and they will continue to accumulate over your life time. The loan is
then paid for by the sale of your home after you die. If there is a
loss when the house is sold the lender will take care of it. If there
is more money made than the left over balance will be distributed to
your heirs according to your will.
Another way to release equity is through home reversion. This is the
process of selling
a portion of your home to a company, who in return will give you a lump
sum of cash. When you die the house is sold and the company receives
the portion of the house they bought whether it is more or less than
what they paid for it.