Whether you’re constantly piling up debt over the holidays or looking to make some repairs around the house, there are now more ways to access cash.

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January marks a good time to review what worked in the past and what you want to achieve in the next 12 months. This may include a realistic assessment of your personal finances to see where you can stand savingWhere you possibly can investment And how you might be able to Access to cash Now to help you achieve your goals.

Fortunately, whether you have lingered Holiday Loans, or just looking to make some repairs around the house, there are now multiple ways to access cash. Some options are even tied to the investments or equity you currently have, which can make the loan terms more attractive and manageable.

4 Easy Ways to Access Cash Now

If you need cash and don’t want to put up with too much headache to get it, consider one of the following four options.

Withdrawal from a life insurance policy

life insurance Often thought of as something you set and forget, only to be used by you Beneficiary In the event of your death. But this is not always true. There are types of insurance, viz Whole life insuranceWhich you can actually tap while you are alive. Because a whole life insurance policy has a cash component which, once created, can be used as you see fit. Whether you want to pay off debt, buy a car or pay for college, you can access the cash from your policy as needed.

Just understand that your final payout will decrease as you withdraw. However, if you need cash and you need it relatively quickly, this can be a painless way to access your own funds.

Now see what a life insurance policy costs here.

Complete a cash-out refinance

Homeowners with equity don’t have to look far to find cash assets. They can complete a Cash-out refinancing And take the money they have already invested in their home. Here’s how: Simply apply for a new mortgage loan for a larger amount than what you currently owe (how big you borrow depends on your needs and what a lender is willing to pay you). From there, you pay off your old loan with the new loan and take the difference between the two as cash for yourself.

Not sure how much you should take or how fast you can get it? Answer a few short questions here to get started.

reverse mortgage

A Reverse mortgage Cash-out works similarly to refinancing, although this option is only available to homeowners age 62 and older. Older borrowers who have paid off all or most of their mortgage may be eligible to take a portion of their home equity. This will qualify as tax free income. However, it must be paid if the homeowner dies or elects to sell the home.

Freezing equity can help pay off debt, medical bills or complete home repairs. Also, unlike a conventional mortgage, monthly payments are not required toward the loan balance.

If you’re an older homeowner interested in accessing cash this way, start reviewing your reverse mortgage options online here or through the table below.

personal loan

If you prefer to leave your existing life insurance policy and home equity alone, consider starting over with one. personal loan. These are unsecured loans, meaning, unlike a car or mortgage loan, there is no property backing the loan. Nevertheless, they are easily accessible and can usually be secured from an online lender, credit union or even your local bank. You’ll likely get the best interest rate with the lender you’re currently using, assuming you’re making your payments on time.

Personal loan interest rates can vary and your personal information will play a big role in determining how much and at what cost you can get. But the loan amount starts from thousands $100,000 Or even more, you’ll have plenty of options. Some lenders will approve you and disburse funds within the same week.

Start shopping lenders here to find the best rates and terms or use the table below.

Bottom line

If you need cash to get back on track in 2023, you have multiple options. If you don’t want to start over, consider accessing the cash portion of your whole life insurance policy or complete a cash-out refinance using your existing home equity. Older homeowners, meanwhile, can benefit from a reverse mortgage. Or, simply check rates and find a personal loan with favorable terms.

Start here now.

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