MoneyWisdom Blog

Use Your Home's Equity to Cushion Your Retirement

Posted by MoneyWisdom Newsletter on Nov 2, 2018 2:32:19 PM


Use your home's equity to cushion your retirement

If you’re looking for a way to fill in gaps in your retirement income, the solution may be under your own roof. Hanscom Federal Credit Union is now offering FHA-insured Home Equity Conversion Mortgages (HECMs) to members age 62 and older.

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Topics: Home Equity, Retirement

Wise Home Equity Planning

Posted by MoneyWisdom Newsletter on Jan 17, 2018 4:52:24 AM

For savvy borrowers, using home equity for specific purposes makes sense. Rates are lower than most other types of borrowing, because the line of credit is secured by your home. Many homeowners also lower their tax bills, since the interest on home equity is often tax deductible.

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Topics: Home Equity, Money Management

10 Holiday Home Improvement Tips

Posted by Bill Burpeau on Nov 28, 2017 11:11:38 AM

The holidays are a great time of year for entertaining family and friends. But, you may look around your house and think about sprucing things up before you bring the first guests in. You don't have to put large amounts of money out to get a nice impact for the holidays as well as your home's value. Here are 10 holiday home improvement tips that will boost your home equity value.

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Topics: Home Equity, Holidays, Home Ownership

Put Your Home Equity to Work

Posted by MoneyWisdom Newsletter on Jul 12, 2017 10:49:57 AM

Looking for ways to pay for large home improvement projects, college tuition and expenses, or manage medical expenses? Thanks to lower interest rates and potential tax advantages, tapping your home equity can be an ideal way to finance big-ticket items.

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Topics: Home Equity

Use Home Equity - For Projects Big and Small

Posted by Bill Burpeau on Apr 19, 2017 1:22:00 PM

Fall Back in Love with your Home

Many of us reach a point where we begin to feel a little blah about our home, but moving is not always an option. Here are some tips on how you can get a “new” home without a new mortgage – and increase your home’s value.

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Topics: Home Equity

Should I use home equity for maintenance and upkeep of my house?

Posted by Bill Burpeau on Apr 19, 2017 12:00:00 PM

The adage ‘if it isn’t broke, don’t fix it’ does not always apply. Sometimes, you not only need to fix it, you need to improve it. Home improvements can build equity in your home by increasing property values, overall comfort and curb appeal. Although the housing market is still in the process of recovering, that does not mean you cannot give your home an upgrade. Does spending money help you save money? In this case, yes. Homes improvements are investments that build home equity. Choosing the right home improvement project pays off when potential buyers want that same convenience and beauty. In the end, home improvements can save you a good deal of money. Here are some solid ideas for adding equity to your home.

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Topics: Home Equity, Home Ownership

How do I find the right bathroom fixture when planning an update?

Posted by Bill Burpeau on Apr 19, 2017 8:22:00 AM

Once you have decided to remodel your bathroom, choosing the right bathroom fixture to complete the home improvement project can be a confusing prospect.  There are so many different types and styles out there, how do you know which to go with to create the effect you are looking for?  Hate to say it, but the answer is research, research, research. That's the only way you are going to learn what's available to you.  Here are some thoughts to get you started. 

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Topics: Home Equity, Home Ownership

Home Equity FAQs - What are your closing costs?

Posted by Bill Burpeau on Apr 19, 2017 7:00:00 AM

Closing costs are part of the costs of setting up a home equity loan or line of credit.  They are similar in nature to those you pay when you get a mortgage.  Closing costs can include such things as:

  • Fee for property appraisal
  • Application Fee
  • Attorney's Fees
  • Title Search 
  • Mortgage Preparation and Filing Fees (Dependent on Municipality)
  • Property and Title Insurance

According to, these fees can be between 2 and 5 percent of the loan. 

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Topics: Home Equity

Home Equity FAQs - Is there a prepayment penalty on a home equity line of credit?

Posted by Bill Burpeau on Apr 12, 2017 5:00:00 PM

What is a prepayment penalty?

A prepayment penalty is a provision of your contract with a lender that states that in the event you pay off the loan entirely at a point prior to the final maturity date, you will pay a penalty. Penalties can be expressed as a percent of the outstanding balance at time of prepayment, or a specified number of months of interest.

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Topics: Home Equity

Five things to consider when updating a bathroom.

Posted by Bill Burpeau on Apr 11, 2017 2:30:00 PM

Sooo. . .You've decided that your next home improvement project is going to be the bathroom. It is somewhat outdated and a little worn around the edges.  Not only will a face lift give a more modern look to the house, it will increase your home value and make it more salable. Before you start knocking out walls for a walk in shower or tearing up the floor, stand back and consider a few things.

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Topics: Home Equity, Home Ownership

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