
Taking out a home equity loan on a paid-off house: A guide
Sometimes, it’s even easier than if you still had a mortgage. But there are caveats.
Chloe A. Moore, CFP®, is a member of Bankrate’s Financial Review Board and founder of Financial Staples, a virtual, fee-only financial planning firm based in Atlanta and serving clients nationwide. The firm is dedicated to serving tech employees who are entrepreneurial-minded, philanthropic and purpose-driven.
Moore was named an Investopedia Top 100 Financial Advisor in 2020, 2021 and 2022. She has contributed to Business Insider and was featured in Financial Advisor, Wealth Management, NerdWallet, U.S. News and other outlets.
In addition to promoting financial literacy through speaking, writing and volunteering, Moore also focuses on the cultivation of female and minority financial planners. Along with three colleagues, she recently launched the BLatinX Internship Program (BLX), which provides paid internship opportunities to aspiring Black and Latinx financial planners.
Moore believes that money is an emotional topic and it impacts many aspects of our lives. She enjoys helping clients unpack their money history and discover how they can use money to support a life that is most meaningful to them.
Sometimes, it’s even easier than if you still had a mortgage. But there are caveats.
It’s a good sign you’ll be approved for a loan, but not a guarantee.
While mortgage insurance primarily benefits the lender, it does serve a purpose for the borrower.
A HELOC has low interest rates, but it requires you to use your home as collateral.
If you’ve got some extra cash, should you throw it at your mortgage?
Know the differences between these debt products before you put your home on the line.
It’s important to find the right accounts for your emergency savings.
Finding the account number on a check is easy — if you know where to look.