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13 year old man surrendered to shelter with his bed, hopeless as he is formally placed on death row

Working on your house to renovate or redecorate takes money. If you're short on cash, home equity loans are one option to finance your project. Understand this debt before you proceed to ensure that you don't cause yourself credit problems.

Financing Basics

Home equity loans are a type of financing that gives you a fixed amount of cash by using your house as collateral. This contract entails payments for a specified term, similar to what you would make when taking out a mortgage. A default on this type of financing can lead to foreclosure on your house, just like it would for default on a mortgage.

You will get a one-time lump sum payment from the bank. The terms will specify repayment over a stated period with a fixed interest rate, and your monthly payments will not change for the entire duration of the term. This loan does not enable you to borrow additional money against the value of your house in the same way that a home equity line of credit would. These lines of credit typically have a variable interest rate that changes over the term of the contract.

Banks have specific borrowing limits based on the equity of your house, your house's value, your credit history, and your income. In general, don't expect to borrow more than 85 percent of the equity you have built up in your house.

Shopping for Financing

Lenders will have different terms and rates for home equity loans. Shop around with various lenders to find the most attractive terms and plans. Consider financing with banks, credit unions, savings and loans, and mortgage companies.

Ask how each lender calculates the annual percentage rate for the financing. Expect the APR to include finance charges, points, and fees such as underwriting fees, origination fees, funding fees, recording fees, broker fees, and appraisal fees.

Find out your credit score to give you a position of knowledge as you examine your loan options. Your credit score can vary between 300 and 850, and a score of 720 or more is considered good in general terms. However, different lenders have different standards about credit scores.


Home equity loans can be a simple way to secure cash, but proceed with caution. It is unwise to use this source of money to fund luxury items such as vacations, recreational vehicles, and expensive renovations such as home theaters. The reason you should avoid these expenditures is because they do not give you a return for the money you borrowed.

Pay close attention to the terms offered for this type of second mortgage. Although the repayment period could be as long as 15 or 30 years, it may be significantly shorter. You could only have as little as five years to repay the money at the risk of losing your house.

Wise use of home equity loans would include expenditures on projects that will increase the value of your home, and give you a return for the money.

When considering home equity loansHouma, LA residents.

Here's another look at sweet MAX, he needs help NOW! MAX is 13 and his family left him very confused and sad. He needs help now so he can feel safe and loved again. Please SHARE for his life, he's SUCH an angel 👼🏻 and a FOSTER or ADOPTER would save him. Thanks!

My name is MAX and I'm an approximately 13 year old male Shih Tzu. I am already neutered. I have been at the Carson Animal Care Center since 11/17. I will be available on 11/17. You can visit me at my temporary home at C401.

🔹 Shih Tzu
🔹 AGE:13 years
🔹 Male
🔹 ARRIVED:11/17

We are NOT the City Shelter to where pictures were taken. FOR MORE INFO ON THIS PET please contact:
Carson Shelter at 310-523-9566
216 W Victoria St. Gardena, CA 90248
Ask for information about animal #A5237793

STATUS : - read comment for update from crossposter
Once a homeowner has met all of the necessary requirements and is approved for an equity release plan, there are a number of ways in which they can choose to put their money to good use. Funds can be released from up to five different properties which can offer you even more financial freedom than ever. If you intend on applying for an equity release against your second home, you should be aware of all of the advantages, disadvantages and prerequisites.

When you are planning on applying for an equity release plan against any additional property, you or one of the applicants will need to fulfil the set age requirements. Additionally, the property may also need to have a certain minimum value. If your property is not of a high enough value, the equity release provider will not be able to offer you any kind of substantial lump sum. In addition, if you are applying against an additional property, you should not be residing in that property.

These are just a handful of the set criteria that homeowners need to fulfil, and if you wish to release equity from multiple properties, each property will need to fulfil these requirements individually. The amount of funds you will be able to release from your second home and any other properties will largely depend on a number of factors. These include, but are not limited to, your age and the value of the property. The greater the value of the property, the larger the amount you can release. Likewise, the older the homeowner, the greater the amount you can release.

If you would like to gain a more informed understanding of the amount of money you will be able to release against your second home, you can use an online equity release calculator. These calculators will give you a very good idea of what to expect before meeting with any professionals. Once you do decide to set up a meeting with an advisor, it is important to meet with an independent financial advisor. In fact, you should meet with more than one in order to gain as much information before signing on the dotted line. Independent financial advisors are best since they do not have any ties to financial institutions that may sway their advice. They will be unbiased and offer neutral advice on various products from various equity release providers. Once you have all of the offers and terms presented to you, you can make the choice that best suits your personal needs.

Calculate how much equity you can release from your home.