Start from what you want to change, then find the refinance that fits
Borrowing against a paid-off home
Straight answer
If your home is paid off, a cash-out refinance creates a new first mortgage; a home equity loan or line of credit are alternatives. Each has different costs and terms. Compare them before deciding how to borrow.
Last reviewed against the primary sources listed below.
Compare
- Cash-out refinance.
- Home equity loan.
- Home equity line of credit.
People also wonder
Can I get a mortgage on a home I own outright?
Yes, through a cash-out refinance or equity loan.
What is the cheapest way to borrow against a paid-off home?
Compare written offers for each option.