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Yahoo
05-04-2025
- Business
- Yahoo
How to get a home equity loan on a paid-off house
Even after you've paid off your home, you can still borrow against your home's equity. There are several ways to tap your equity when you're mortgage-free, including with a home equity loan, HELOC or cash-out refinance. It can be easier to qualify for a loan on a paid-off house, but you face the risk of losing your home if you can't repay it. You finally own your home free and clear. And now, you want to put that ownership stake to use. Is this even possible? Fortunately, the answer is yes. You can take equity out of your home even after your mortgage is paid off. One of the easier ways to do so is to sell your home. But there are also financial products that allow you to extract equity from your paid-off home quickly without having to pick up and move. So let's look at the options for getting equity out of a house you own outright. What is home equity? Home equity equals the market value of your home, minus any debt attached to it. It's the percentage of the property you own free and clear. 'It is definitely possible to take equity out of your home after you've paid off a previous mortgage,' says Jeffrey Brown, a Seattle-based mortgage professional with NEXA Mortgage. 'Assuming you qualify, you can access that equity at any time.' Actually, those means of access are pretty much the same for a paid-off house as for one that still has a mortgage on it. You can take equity out of your home using one of these tools: cash-out refinance home equity loan home equity line of credit (HELOC) reverse mortgage shared equity investment More than if you had a mortgage, that's for sure. If the mortgage has been paid in full, you have 100 percent equity in your home. However, even with a 100 percent stake, you cannot borrow all of that money. Generally, lenders allow for borrowing up to 80 to 85 percent of a home's appraised value. That means if your home is worth $500,000 you may be able to access as much as $425,000 of that equity. Or even a bit more — some lenders allow up to 90 or even 95 percent, depending on the type of loan and your creditworthiness. But you never will be able to tap the entire value. Best for: Homeowner who wants to pay the least interest Let's say you were still paying off your mortgage, had adequate equity and needed cash. You'd likely do a cash-out refinance, which typically has a lower interest rate compared to most other types of loans. You can do the same now, even though you've paid off your mortgage. You'll simply take out a new mortgage and pocket the equity in the form of cash at closing. As with any refinance, however, you'll be on the hook for closing costs, which can run 2 percent to 5 percent of the amount you're borrowing and any escrow payments. Best for: Homeowner who needs a fixed sum and prefers predictable payments Like a cash-out refinance, a home equity loan is secured by your property (the collateral for the loan). You'll also likely need to pay closing costs, and as with any mortgage, you risk losing your home if you can't pay it back. The upsides: Home equity loans typically come with fixed interest rates, which are usually much lower than personal loan rates. Plus, if you use the money on home improvements, you can deduct the interest on your taxes. Best for: Homeowner who likes flexibility in how much money they can take, and when they can take it A home equity line of credit (HELOC) works like a giant credit card. HELOCs let you take out money during an initial draw period (which usually lasts 10 years). During that time, you'll only need to repay the interest on what you've borrowed. After the draw period, you'll enter the repayment period, which gives you 10 to 20 years to pay back the principal and any remaining interest. What's more, you're only responsible for repaying the amount you use versus the fixed obligation of a cash-out refinance or home equity loan, says Vikram Gupta, former head of home equity for PNC Bank. Unlike those two, HELOCs have variable interest rates, which means your monthly payments will vary. However, you will owe interest only on the amount you actually withdraw, not on the entire credit line. On the downside: HELOCs aren't as easily attainable: You need a strong credit score, and sufficient income to handle fluctuating payments. 'Additionally, some HELOCs may have various fees associated with them such as annual fees, early closure fees, and origination fees, so borrowers should pay close attention to these when evaluating their total financing costs,' says Gupta. Best for: Homeowner of a certain age If you're 62 or older, you could be eligible for a reverse mortgage. This financing vehicle gets you regular payments from a mortgage lender in exchange for your home's equity. 'A reverse mortgage can be a great way for seniors to access the equity in their homes to pay for monthly living expenses and keep them living independently, especially if they don't have monthly income in retirement,' says Brown. Reverse mortgages have pros and cons, though. You'll still need to keep up with homeowners insurance, property tax and HOA dues payments to avoid foreclosure, and there's a limit to how much money you can get. You can't let the home fall into disrepair either — you'll still be responsible for maintenance. Most of all: 'It's important for the borrower's survivors to understand that the entire [reverse mortgage] balance, plus interest and fees, is due if the borrower passes away,' says Gupta. 'The borrower's house may need to be sold if their estate cannot repay the reverse mortgage loan.' Best for: Homeowner whose financials disqualify them from traditional financing methods With a shared equity agreement — a relatively new method of liquidating equity — you'll sell a portion of your future home equity in exchange for a one-time cash payment. 'The details on how this works and what it costs will vary from investor to investor,' says Andrew Latham, CFP, and content director for 'Let's say you have a property worth $600,000 with $200,000 in equity built up. A home equity investor might offer you $100,000 for a 25 percent share in the appreciation of your home.' If your home's value increases to $1 million after 10 years — the typical term for a home equity investment — you'd have to return the $100,000 investment plus 25 percent of the appreciation, which in this case would be $100,000. You'd also need to return the investment plus the share of appreciation if you sell the home. 'The advantage here is that you can access your home's equity with no monthly payments required, making it an excellent option for homeowners who want to tap into their home's value but don't have the cash flow to qualify for traditional home equity financing products,' says Latham. In effect, you'll have a silent partner in your home, so you'll need to be comfortable with that and the rights that partner has to protect their investment. Why would anyone pursue fresh financing after finally paying off a mortgage? Well, why not? Your home is an asset, and you can make it work for you. And when you own it free and clear, its tappable potential is at its greatest (see 'Pros,' below). Viable reasons abound for borrowing against your ownership stake, including: Improving or repairing your home Consolidating debt Paying college tuition or other educational expenses Buying a second home While these are some of the most common reasons for tapping your equity, you can use the funds however you'd like. According to Bankrate's Home Equity Insights Survey, 30 percent of millennial homeowners approve of tapping home equity to make investments. In fact, a small percentage of homeowners said they'd even consider taking a vacation or buying big-ticket consumer items as good reasons to swap equity for cash, the survey found. However, since your home will serve as the collateral for the debt, you should be judicious in how you tap it. Two good rules to follow: Use your equity in ways that improve your finances or work as an investment and don't take out more than you can afford to lose. On the plus side, it can be relatively easy to qualify for a home equity loan on a paid-off house since you already have a solid track record of paying off your first mortgage, which likely means you're older and have good credit and possibly a higher income. This ups your creditworthiness as a borrower, making you a preferred candidate to lenders and lowering the interest rate you'll pay. You also won't have to worry about the size of your ownership stake — another criterion that lenders look at, which affects how much you're able to borrow. Plus, once you've paid off your first mortgage, odds are your debt-to-income (DTI) ratio will drastically drop, which strengthens your financial profile. In evaluating you for home equity financing, lenders will consider all of your home-based debt — including your outstanding primary mortgage and the size of the new loan. Together, these two things can't exceed a certain loan-to-value ratio or LTV (the size of the debt divided by your home's worth) the financial institution sets. Let's say that your lender sets an LTV of 80 percent, and you've a mortgage whose balance is 40 percent of your home's market value. The amount left to borrow can then only be 40 percent of your home's value – no matter how big the size of your equity stake. Obviously, the less current debt you have, the more you can borrow against your equity. So, if you still have a sizable chunk of your mortgage to repay, you'll be more limited in how much equity you can tap. But if you've already paid off your first mortgage, you'll have access to more money – virtually all of your home's value, in fact, aside from the amount the lender requires you to keep untouched, as a cushion. Furthermore, you can use your equity for any reason. Most lenders won't care, for instance, if the money will be put toward funding retirement, seeding a new business or making a down payment on an investment property. 'Many seek to pay for their children's educational expenses, fund their retirement or pay for an unexpected medical emergency like cancer care for a loved one,' says Kelly McCann, an attorney specializing in construction and real estate with Burnside Law Group in Portland, Ore. In addition to being able to use the money for nearly any purpose and being more likely to qualify, tapping into your home equity also offers potential tax advantages. For one, when you use a home equity loan or HELOC to 'buy, build or substantially improve' the home that secures the loan, you can deduct the interest from your taxes. This is known as the mortgage interest deduction. Another possible tax benefit of accessing your equity? If you use the funds to fix up your home, it could reduce your capital gains liability. 'It may be smarter to tap into your equity than selling your home and downsizing,' says McCann. 'If you have capital gains on your home of more than $250,000 (or more than $500,000 if you are a married couple) you must pay taxes on that gain after the sale of your home. However, if you borrow against your home by, for example, taking out a home equity loan, you don't have to pay taxes on the loan proceeds — you get the money tax-free.' Of course, if you choose a form of financing wherein your home is used as collateral, like a cash-out refinance or home equity loan, there's always the risk that you could lose your home if you can't repay. While they often carry lower interest rates than unsecured loans, home equity products aren't free. Most have upfront expenses and many of those good old closing costs that you remember all-too-well from your first mortgage. You'll have to come up with the funds to pay for expenses like origination fees and a home appraisal, to name a few. The whole process could be paperwork-heavy and time-consuming, too. You've got a tempting chunk of change there in your home. But you've worked long and hard to acquire this asset, so don't blow it on one-time, discretionary expenses. Buying a car (a depreciating asset), paying for a wedding or taking a vacation — these are not-so-good reasons to deplete your equity stake. When you borrow against your home, you're essentially turning an asset into a liability. By doing so, you'll dilute your ownership stake and decrease your overall net worth. Plus, no longer will you be free and clear on your home. Instead, you'll add more debt (and a new monthly payment) to your plate. If you own your home outright, it actually makes it easier to tap your equity stake. Odds are, you'll come across as a more creditworthy candidate to a lender. However, determining whether it makes sense to pull equity out of a house you've already paid off really comes down to your unique circumstances and financial picture, as well as your short- and long-term goals. It's also important to consider whether you'd be able to make the payments on the loan if your financial circumstances were to change unexpectedly. 'Homeowners should ask themselves: 'What is the purpose of the funds needed?' They also need to assess their individual financial situations to ensure they have the cash flow to pay off the loan in the future, particularly as they approach retirement,' says Gupta. If you decide to proceed, make sure to practice the due diligence you would apply to any other financial transaction—shop around with several lenders and find the best terms for your needs. What is the cheapest way to get equity out of your home? A home equity line of credit, or HELOC, is typically the most inexpensive way to tap into your home's equity. When opening a HELOC, you only pay interest on the money you actually use. As an added bonus, when using a HELOC, you won't pay all the closing costs that come with a home equity loan or a cash-out refinance on a paid off home. What credit score is needed for a home equity loan? Lenders typically look for credit scores of at least 620 on home equity loan applications. You'll qualify for an even better rate with a score of 700 or above. What are alternatives to getting a loan on a house you own outright? There are a few alternatives to consider, depending on what you're using the funds for and how much money you need. For example, if you're buying a second home, you could always take out a new mortgage on that property. If you need cash for unexpected expenses, you could take out a personal loan or a credit card. However, the interest rates on these products tend to be higher than on home equity loans. Otherwise, you might be able to borrow from your retirement savings, but that comes with its own set of pros and cons. Additional reporting by Taylor Freitas
Yahoo
27-03-2025
- Business
- Yahoo
This Week In E-Commerce - AI-Driven Automation Revolutionizes E-Commerce Operations
CIRRO Fulfillment has integrated with Pipe17 to enhance e-commerce operations by leveraging AI-driven automation. This partnership is set to improve inventory management, streamline order processing, and provide omnichannel support for e-commerce businesses. Through this integration, companies can achieve greater efficiency and scalability, minimizing manual tasks and reducing errors. Key features of the collaboration include real-time inventory tracking and seamless support for major e-commerce platforms. This development reflects the ongoing evolution within the e-commerce sector toward more automated and customer-centric operations. In other trading, was a standout up 25% and closing at $1.25, a new 52-week high. Meanwhile, trailed, down 9.3% to end the day at $8.78. This week, dLocal announced CFO Mark Ortiz will step down due to health issues, with Jeffrey Brown appointed as interim CFO. DLocal is rapidly advancing into emerging markets with innovative payment solutions amid regulatory expansion. Discover the details of their strategic growth in the full narrative. For a deeper understanding of E-Commerce prospects, read our Market Insights article "Sectors and Industries to Watch in 2025," exploring upcoming retail challenges and growth. settled at $132.24 down 0.4%. finished trading at $65.74 down 1.2%, hovering around its 52-week low. ended the day at $201.13 down 2.2%. This week, Amazon collaborated with Reply to enhance Generative AI solutions using AWS infrastructure. Explore the 234 names, such as Asseco South Eastern Europe, Cello World and Systems, from our E-Commerce Stocks screener here. Seeking Other Investments? Rare earth metals are the new gold rush. Find out which 21 stocks are leading the charge. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sources: Simply Wall St "CIRRO Fulfillment integrates with Pipe17 to enhance e-commerce operations" from CIRRO Fulfillment on GlobeNewswire (published 25 March 2025) Companies discussed in this article include OTCPK:MALG NYSE:BABA NYSE:NKE NasdaqGS:AMZN and NasdaqGS:DLO. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Yahoo
26-03-2025
- Entertainment
- Yahoo
Sonoma Valley Authors Festival Returns with World-Class Lineup for 2025
8th Annual Event to Feature 20+ Renowned Authors & Speakers in Sonoma This May Jeffrey Brown & Isabel Allende Hampton Sides Speaking in the Main Pavilion Sonoma, California, March 26, 2025 (GLOBE NEWSWIRE) -- The Sonoma Valley Authors Festival (SVAF) is proud to announce its world-class lineup of authors and speakers for the eighth annual event, taking place May 2-4, 2025, at the Fairmont Sonoma Mission Inn & Spa. This highly curated, three-day festival is designed to 'stimulate the minds and nurture the souls of readers.' This year's distinguished speakers include:Isabel Allende: A literary powerhouse and master storyteller, Allende will discuss her forthcoming novel, My Name, Emilia del Valle, set to be released on May 6, 2025. Michael Connelly: A master crime fiction author of over 40 novels, Connelly will discuss his new book, The Waiting, and his journey from journalist to bestselling novelist. Percival Everett: Critically acclaimed and fresh off a National Book Award win for James, Everett offers a provocative retelling of Adventures of Huckleberry Finn, tackling race and history in bold new ways. Patrick Radden Keefe: Award-winning journalist and best-selling author, whose powerhouse novel, Say Nothing is a new Hulu series Anna Quindlen: Pulitzer Prize-winning columnist and bestselling novelist, Quindlen returns with After Annie, a deeply moving novel about love, loss, and resilience. Ruth Reichl: Legendary food writer and former Gourmet magazine editor-in-chief, Reichl explores the intersection of food, culture, and memoir in her latest work, The Paris Novel. See the full line-up of 20+ authors and speakers. About the FestivalFounded in 2018 by Ginny and David Freeman, the Sonoma Valley Authors Festival has become a must-attend event for those passionate about literature, science, technology, medicine and life-long learning. The festival features TED Talk-style presentations and engaging breakout sessions, where more than 20 renowned authors share their stories as well as insights on their latest works. "The intimacy of the Sonoma Valley Authors Festival creates amazing synergies, where the audience is as interesting as the speakers!" says Ginny Freeman, co-founder of the festival. "The festival audience is well-educated, well-traveled, and dedicated to lifelong learning and life enrichment. The atmosphere engages speakers and audiences alike, forming connections among audience members that are as equally magical as that of the audience and speakers." The Fairmont Sonoma Mission Inn & Spa provides an intimate environment for attendees to connect with authors and speakers–whether over breakfast and lunch or at one of the many book signings. Return moderator Jeffrey Brown, Senior Correspondent and Chief Arts Correspondent for PBS News-Hour, captures the experience: "One of the nice things for the people who attend the festival is they get to talk to the authors. Not only hear them speak, but actually ask the authors their own questions – they can share what they like about the book, and in turn get to know the authors.' While the festival pavilion is limited to 400 seats, the generous donations from attending sponsors help fund other free events—Students Day, Authors on the Plaza and the Virtual Festival, reaching thousands of community members. Expanding Literary Access to the CommunityStudents Day, a cornerstone of the festival since its inception, aims to inspire intellectual curiosity in the next generation. This May, 1,400 students from Sonoma Valley High School and other local schools will engage with speakers and receive free books by presenting authors. Each year, private donations fund the distribution of 3,000 to 4,000 books to students. Due to campus safety protocols, Students Day is not open to the public. Authors on the Plaza, is a free, open-to-the-public event on Saturday, May 3, 2025, from 11 a.m. to 2 p.m., under the trees in historic Sonoma Plaza. This year's event will feature Michael Connelly, Sal Khan, Wright Thompson, and Dr. Eric Topol. While tickets are not required, attendees are encouraged to register. Attend the FestivalVIP Festival Passes start at $3,000 and include access to all presentations, two on-site breakfasts and lunches, an exclusive dinner with the authors, and complimentary access to the Virtual Festival. More than 50% of each VIP pass is a tax-deductible donation. For more information about the 2025 Sonoma Valley Authors Festival and to purchase passes, please visit the festival website. The Sonoma Valley Authors Festival thrives thanks to the generous support of individual donors, corporate sponsors, and dedicated volunteers. Co-founders Ginny and David Freeman have invested their time and personal resources to ensure the continued success of this nonprofit 501(c)(3) organization About Sonoma Valley Authors Festival: The Sonoma Valley Authors Festival (SVAF) was founded in 2018 by Ginny and David Freeman as a 501(c)(3) non-profit public charity focused on education and community involvement. This annual event brings together literature enthusiasts and lifelong learners to engage with world-class authors of all genres and speakers in science, technology, and medicine. SVAF is supported by individual donors, corporate sponsors, and dedicated local volunteers. Past authors have included: Isabel Allende, Dave Barry, Doris Kearns Goodwin, Bonnie Garmus, Amor Towles, Billy Collins, Amy Tan and Abraham Verghese. WEBSITE & SOCIAL HANDLES | Press Kit - Photos, Headshots, Logos #SVAF25FB @svauthorsfestival | IG @svauthorsfest | TW @svauthorsfestival | LI @svauthorsfestivalPhoto Gallery CONTACTDiana Silvestri | 415.627.8229 | diana@ Schnitzer | 917.287.7064 | beth@ Attachments Jeffrey Brown & Isabel Allende Hampton Sides Speaking in the Main Pavilion CONTACT: Diana Silvestri Sonoma Valley Authors Festival 4156278229 diana@
Yahoo
28-02-2025
- Yahoo
Man accused of stabbing man with hatchet, causing hours-long standoff indicted
A man has been charged in connection to a stabbing and an hours-long SWAT standoff in Riverside. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] Jeffrey Brown, 62, was indicted by a Montgomery County Grand Jury on two counts of aggravated robbery and two counts of felonious assault. >> PHOTOS: SWAT called to apparent standoff near scene of Montgomery County stabbing Brown's charges stem from a stabbing that occurred in the 1700 block of Brandt Pike just before 6 p.m. on Feb. 17. As previously reported by News Center 7, the stabbing involved a hatchet and the victim was taken to Miami Valley Hospital with serious, but non-life-threatening injuries. TRENDING STORIES: 'Just like another day;' Neighbors react after pair reportedly kidnaps boy, pours bleach on his face Ohio Senate passes bill that would make major changes to adult-use marijuana law Firefighters investigating after house fire in Dayton neighborhood Brown reportedly left the scene of the stabbing and went to his house down the street. Riverside police officers learned the suspect lived in the area and went to the house, which is located in the 1900 block of Brandt Pike. As previously reported by News Center 7, police started making announcements outside the house around 7 p.m. The Montgomery County Regional SWAT team was called to the scene before 9 p.m. The SWAT team obtained a search warrant for the address and arrested Brown inside the home. Brown is due next in court on March 4. News Center 7 will continue to follow this story. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
Yahoo
27-02-2025
- Business
- Yahoo
Silver Bullet Therapeutics Announces Podcast Scheduled to Air on March 2, 2025
The Company Will Also be in Attendance at Upcoming AAOS Meeting SAN JOSE, Calif., Feb. 27, 2025 /PRNewswire/ -- Silver Bullet Therapeutics, Inc., a privately-held medical device company, announced today that they have been featured by Merge Medical in their Startup Podcast hosted by Jeffrey Cole, MD and Jeffrey Brown, DO. This podcast is scheduled to air on March 2, 2025, and will be available at or This podcast episode will explore the innovative technologies and future directions of Silver Bullet Therapeutics, focusing on their groundbreaking antimicrobial solutions for orthopedic applications. Listeners can look forward to insights into the development and scientific principles behind the company's proprietary technologies. The Company will also be in attendance at the upcoming American Academy of Orthopedic Surgery in San Diego March 11-14, 2025 and can be found in Booth #1409. OrthoFuzIon™ Orthopedic System is a comprehensive antimicrobial coating technology. The first application is a bone screw product line for orthopedic procedures. In the EU, the OrthoFuzIon™ Bone Screws are now approved for commercialization and indicated for open reduction and internal fixation (ORIF) fracture surgeries. Silver Bullet Therapeutics has built an extensive intellectual property portfolio that has allowed the company to develop and validate coating processes for a wide variety of metallic, polymer, and electronic medical devices. About Silver Bullet TherapeuticsSilver Bullet Therapeutics, Inc., located in San Jose, CA, has developed and patented antimicrobial coatings to address surgical-site and hospital-acquired infections by preventing microbial colonization of implanted medical devices. The Company's first product, the OrthoFuzIon™ Bone Screw System, utilizes Silver Bullet Therapeutics proprietary blend of platinum and silver technology, called AntiBacterIon™, that allows for rapid ionization of silver and creation of an antimicrobial zone around a bone screw anywhere in the body. Silver Bullet Therapeutics has already developed and validated processes to allow coating of a wide range of devices including both metallic and polymer devices. OrthoFuzIon™ and AntiBacterIon™ are Trademarks of Silver Bullet Therapeutics, Inc. and is pending FDA clearance and not yet approved for sale in the United States. Contact: Paul Chirico(408) 436-7500pchirico@ View original content: SOURCE Silver Bullet Therapeutics Sign in to access your portfolio
