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If adding to your income is your goal and you're 62 or older, you may be interested in Amboy's Home Equity Retirement Income Loan. You use the equity in your home to receive monthly income payments. Plus, with this loan you can set up a small line of credit to have money when you need it.

If your goal is to plan for the future by having funds available when you need them, you can simply write a check from your Line of Credit.

Below are a few examples of how much money you could add to your emergency fund.

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To qualify you must first pay off your current mortgage(s). However, you can use the Home Equity Retirement Income Loan to pay off your mortgage. Plus, by paying off your existing mortgage you get rid of monthly payments, leaving you with extra cash. Example as of January 2018.

HOME EQUITY RETIREMENT INCOME LOAN (HERIL)

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◊ home income retirement loan
◊ senior choice home equity
◊ retirement line of credit
◊ fixed rate reverse mortgage