What options are there mortgage wise to take cash out of your property?

Long story short, I'd like to eventually take $ out of my home for home improvements. The house would be paid off by the time I take cash out of it. I don't have a continuous 2 years of employment, but my fico is about 615. What are my options?

What options are there mortgage wise to take cash out of your property?
Take a home equity line of credit.





The interest is deductible. You can use the the money as needed, e.g., you have a line of credit. As long as you don't use it, it's sort of like having a credit card with a $10,000 limit and a zero balance. You don't pay interest until you use it. Plus, when you pay it off, it's still a line of credit if you need it again at a future date.





I have a line of credit on my home. I have a checkbook with it. I haven't used it but I know that if I needed it, I could get some quick case as all I have to do is write a check and deposit it to my checking account.
Reply:That is a low FICO, but not impossibly so. Since the house will be paid off, you are probably talking a new first mortgage, but talk to your bank about doing an equity credit line instead. It may be cheaper than doing a mortgage, as the total bill for that can run several thousand dollars. If the bank can't deal because of the low FICO, there are any number of mortgage brokers who handle deals of that sort. But, since this isn't imminent, you have time to get your credit score up; pay all your bills in full and on time, and life will be good.
Reply:If you are age 62 or older a reverse mortgage may be the answer. Credit and income have no impact on qualifing for the loan and you make no monthly payments until you no longer live in the property.
Reply:home equities are fine but they usually have higher interest rates......with the equity you have and your credit score you can easily refinance your home for a decent rate call a local mortgage broker and they will go over all your options with you