If you’re a senior that is looking to get a hold of some cash, you will find this ultimate guide useful. It runs through all the best tips and tricks to try, like getting a second mortgage, refinancing your home, going for a bad credit loan, and selling any assets that you own. Read ahead if you want to learn more.
Table of Content
1. Sell Your Assets
You probably have quite a few valuables and assets to your name. You can sell them to get some cash in your hands. If the assets are property, you will end up with quite a bit of money in the end.But if you don’t want to sell these valuables, that is alright.
You can pawn or even lease them instead. You would be able to pay and get them back once you have some cash back in your hands.Just make sure that you choose the right person to hand them to when you lend them out, as you want your valuables to be in good condition when you get them again.
2. Apply for a Personal Loan
There are special personal loans by finance companies that let senior citizens apply. What’s also great is that these personal loans don’t look at credit score as much. This is probably what you want to hear if you have been dealing with money problems and don’t have the best credit history.If you search Toronto, Ottawa or Alberta cash loan options, you will find many of these types of special loans.
3. Second Mortgage
If you want, you can apply for a second mortgage. From all the options on my list, this would help you get the most cash to your hands. But decide whether this is something that you want to do, as you would be quite a bit in debt – mortgages after all charge high interest.To be more specific, the exact amount that you would be able to borrow depends on how much equity you have. So, if it’s a lot, you would be able to borrow a larger sum.
4. Refinance Mortgage
I would suggest that you look into refinancing your mortgage as well. Basically, you would sell it to another bank (or even finance company). And you would get a large sum to your hands depending on how much equity you had on your home in the first place.
Refinancing is also a good tip if you are struggling to pay for your home loan, as the refinanced mortgage would a lot of the time have a lower interest rate. You could also move onto another bank that has flexible payment plans.
5. Borrow from Family
Of course, you can borrow from friends and family and get the cash that you need. If it’s not that big of a sum, this is definitely something that you should consider. Your loved ones would likely want to help you, especially if you have kids, as they would not want you to be in a tight spot.
There are many tips and tricks to keep in mind if you’re a senior citizen and want to obtain cash. You can search up Toronto, Ottawa or even Alberta cash loan options, you will be able to find special personal loans for elders. And you can of course sell or pawn any personal assets that you have.