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Hello BP. I wanted to know what would the best way to pull the equity out a single family that own free and clear. Thanks

if it's free and clear you can just apply for a 1st position home loan cash out with a low interest rate. Heloc's are usually 2nd poistions with a higher interest and they're linked to the prime rate and they're adjustable. Pm message me if you need a referral 

@Raymond Slater is the single family property your home?  Any mortgage broker can give you many options. 

If it is a rental property you own you may a have a few less options but may have better luck with smaller community banks.

Just start calling around and meeting with lenders.

You could simply get a mortgage on your property. While it would technically be called a refinance (as in, your original financing was cash)  it is not that different than someone getting a loan against a home they want to buy. 

You could also look into a home equity loan or a home equity line of credit (HELOC). Which route is better depends what you want the money for and for how long. A refinance will give you a larger chunk of money with a set payment over a very long time frame. A home equity loan will be a shorter payback period, but will also give you a chunk of money up front. A HELOC will give you a line of credit that you can draw against when you need to, but you won't have to make payments unless you've drawn out money.

If have specific project in mind that requires long term funds then a refi or equity loan is the way to go. If you need quick funds to take advantage of opportunities that can then be financed on their own then a HELOC is a better way to go.

Oh, and it will make a difference to the lender whether the property you are getting the loan on is your primary home or a rental - you'll get better rates on a primary. Some lenders won't do lines of credit against income properties. Some will but you will always pay more than for one on a primary

Thanks for the info. Jean

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