I own my home outright (no mortgage). How would I go about borrowing money against it and what would be required?

There are two ways to borrow against your house. You can use a home equity loan or a home equity line of credit (HELOC).

The home equity loan will allow you to take out a larger amount at a fixed rate that will need to be paid off over a number of years.

The HELOC allows you to access the money when you need it in smaller amounts, but might have a variable interest rate. Think of this as a loan on tap for when you need it.

Both will require documentation of income and assets. The lending institution might also request an appraisal on the home to verify the value.

You can go herehttps://www.bankrate.com/home-equity.aspx?ic_id=home_smart-spending_mortgages_globalnav to find current rate quotes.

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