FOR CURRENT HOMEOWNERS · CHICO & BUTTE COUNTY

Find a way forward
with your home.

Jay & Alex can help you compare ways to change your mortgage or use home equity, with attention to the monthly payment and the long-term cost.

REFINANCE AND HOME EQUITY

Explore ways to refinance or use your home equity.

Whether you want to adjust your mortgage payment, fund a project, or reduce financial strain, the best path depends on your current loan and the full cost of the new one.

Rate-and-term refinance

Replace your current mortgage to change the interest rate, loan term, or both, without taking substantial cash out. Compare closing costs and total interest, not just the new monthly payment.

Cash-out refinance

Replace your mortgage with a larger one and receive some of your equity in cash. This may help with repairs or debt consolidation, but it adds home-secured debt and can increase long-term costs.

Home equity line of credit (HELOC)

A separate line of credit that lets you draw against available home equity as needed. HELOC rates are often variable, so payments can change.

Home equity loan (HELOAN)

A separate loan that generally provides a lump sum while leaving your existing first mortgage in place. Review its payment, rate, and costs alongside a HELOC or refinance.

Using home equity to pay off other debt can lower a monthly bill but puts your home at risk if you cannot repay. Jay & Alex can help compare the full picture before you decide.

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REVERSE MORTGAGES

Could your home equity help you stay in your home?

For some older homeowners, a reverse mortgage may provide a way to use home equity and ease monthly cash-flow pressure instead of selling right away. It is worth comparing with other options before making a decision.

How a HECM works

The FHA-insured Home Equity Conversion Mortgage is generally available to homeowners age 62 or older who meet its requirements. It can pay off an existing mortgage and does not require monthly principal and interest payments while the loan remains in good standing.

What still needs to be paid

You must keep the home as your primary residence, maintain it, and stay current on property taxes, homeowners insurance, and other required property charges. Interest and fees add to the loan balance over time. The loan generally becomes due when you sell, move out permanently, or the last borrower dies.

HECM borrowers must complete counseling with a HUD-approved counselor. A reverse mortgage is not a guarantee that you can remain in the home regardless of circumstances, and it may reduce the equity left for heirs. Learn more from the CFPB.