Selling your house to raise money vs Using the house as collateral to raise money?

[King Belieal]

Imagine you have a house and you also have a pressing financial need. There is an option of selling the house to raise the money to meet that need or using the house as a collateral to get a loan.

Which one do you think would be the perfect decision here?

 

[Fidelia]

I would rather stake the house to get a loan because I would still repay the loan and get to keep by house. It is a win situation with that.

 

[Xtynehappy]

For me l would go for the use of the house as a collateral for higher loans rather than selling the entire house for sure.

 

[Springtime]

I would use the house as a collateral to take out a loan. When I repay the loan, I can still own the house.

 

[Augusta]

I would use the house as a collateral to take out a loan. When I repay the loan, I can still own the house.

This is the right thing to do. You should use the land as a collateral. Then you can pay up later and still retain your home

 

[King Belieal]

I would use the house as a collateral to take out a loan. When I repay the loan, I can still own the house.

This is simple wisdom. I seriously don't find it easy to sell off an asset like a house just like that. Use the house to take a long term loan rather.

 

[Kross]

This should be a simple decision to make. Don't sell an asset when there are other options to raise money.

 

[magnus2022]

Imagine you have a house and you also have a pressing financial need. There is an option of selling the house to raise the money to meet that need or using the house as a collateral to get a loan.

Which one do you think would be the perfect decision here?

I will prefer to take loan. I don't like to sell my properties! I consider it abomination! Except that i have another property i want to buy. It is easy to dispose than to buy especially now that the economy is in terrible shape.

 

[Trush Jodie]

Anyone that doesn't have another source of money to buy a property that sells an existing property he or she has is not reasoning well.

 

[Suba]

Selling a house vs a house as collateral for a loan, of course we have to consider several factors, especially finances and income. If we use a house as collateral, then we must ensure that we can pay the installments on time, otherwise the house must be sold or it will be auctioned by the bank.