What's the difference between a Sale-Leaseback, a REFI, and a Reverse Mortgage? Here's how they compare.
In the simplest terms, a reverse mortgage is a complex cash loan that allows homeowners above the age of 62 to access their home equity.
Instead of making monthly payments, homeowners receive money from the lender. When the homeowner moves, dies, or stops paying taxes or insurance, the mortgage comes due.
A refinance, or REFI, allows homeowners to swap out their existing credit agreement with a new mortgage at a more advantageous rate. This allows homeowners to lower their monthly payments and, in many instances, pay off their mortgage quicker.
REFIs are popular when interest-rates decline, as people who took out mortgages at higher rates use the opportunity to revise the terms of their original loan.
Despite their perceived similarities, a sale-leaseback is an entirely different financial tool that is simpler and more empowering for homeowners. See for yourself below!
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