Smart Home Finance
Front porch of a craftsman home at golden hour
Mortgage education for U.S. homeowners

Smarter decisions for the home you already own.

Plain-English guidance on your options, and a quick 60-second check to see what could work for you.

What are you interested in?
Mortgage RefinanceLower your rate, change your term, or take cash out.Reverse MortgageFor homeowners 62+. Turn equity into cash with no monthly mortgage payment.Mortgage ProtectionHelp keep your family in the home if the unexpected happens.Home Lending SolutionsHELOCs, home equity loans and purchase loans, explained.

Four ways your home can work for you.

Each option solves a different problem. Here's what each one is, who it tends to fit, and what to watch for.

01

Mortgage Refinance

Often a fit for homeowners whose rate, budget or goals have changed

Refinancing replaces your current mortgage with a new one. People refinance to lower their interest rate or monthly payment, switch from an adjustable to a fixed rate, shorten their term to pay the home off sooner, drop FHA mortgage insurance, or take cash out of their equity.

Rate-and-term refinances change the rate or length of the loan; cash-out refinances also give you a lump sum.
Expect closing costs, often 2% to 6% of the loan amount. Compare them to your monthly savings to find your break-even point.
Most lenders cap cash-out loans around 80% of your home’s value.
See refinance options
02

Reverse Mortgage

Often a fit for homeowners 62 and older who want to stay in their home

A reverse mortgage lets older homeowners borrow against their equity and receive it as a lump sum, monthly payments or a line of credit. Most are FHA-insured Home Equity Conversion Mortgages (HECMs). No monthly mortgage payment is required; the loan is repaid when you sell, move out, or pass away.

You must be 62+, live in the home as your primary residence, and complete a session with a HUD-approved counselor.
FHA uses home values up to $1,249,125 (2026 FHA limit) to calculate HECM proceeds.
You keep the title and must keep paying property taxes, insurance and upkeep. With an FHA-insured HECM, borrowers or heirs will generally not owe more than the home’s value when the loan is repaid.
See reverse mortgage options
03

Mortgage Protection

Often a fit for families who rely on one or two incomes to pay the mortgage

Mortgage protection insurance (MPI) is a type of life insurance built around your mortgage. If you pass away, and with some policies if you become disabled, it helps pay the remaining balance or the monthly payments so your family isn’t forced to sell.

MPI is optional. It is not the same as PMI, which protects the lender when you put less than 20% down.
MPI coverage usually shrinks as your balance falls. Term life keeps a level benefit your family can spend on anything.
MPI often skips the medical exam, which can help if health makes term life hard to get.
See protection options
04

Home Lending Solutions

Often a fit for homeowners funding renovations, debt payoff or a next home

Home lending covers the loans you use to buy a home or borrow against one you own. A HELOC is a revolving line of credit secured by your home: you draw what you need and pay interest only on what you use. A home equity loan gives you a fixed lump sum with a fixed payment.

HELOCs usually have a draw period of about 10 years, then a repayment period of up to 20 years.
HELOC rates are typically variable, so payments can rise. Home equity loans are usually fixed.
Both keep your first mortgage in place, which helps if your current rate is low.
See home equity options

How it works

1

Choose your goal

Tell us what you’re considering: lower payments, cash from equity, accessing your equity in retirement or protecting your family.

2

Learn your options

Read plain-English explainers and compare the trade-offs side by side before you talk to anyone.

3

Check your options

Answer a quick question or two and we’ll point you to partners who may be able to help.

4

Decide with confidence

Review real numbers, closing costs and timelines. You decide if and when to move forward.

Cash-out refi, HELOC or reverse mortgage?

All three let you use your home's equity. They differ in how you get the money and how you pay it back.

Cash-out refinance
HELOC
Reverse mortgage
How you get money
One lump sum at closing
Draw as needed from a credit line
Lump sum, monthly payments, line of credit, or a mix
Monthly payment
New principal and interest payment
Interest-only during the draw period is common, then principal and interest
No monthly mortgage payment required
Your first mortgage
Replaced by the new loan
Stays in place
Paid off with the proceeds
Interest rate
Fixed or adjustable
Usually variable
Fixed (lump sum) or adjustable
Age requirement
None
None
62+ for an FHA-insured HECM
Often best for
Getting a better rate and cash at the same time
Ongoing or uncertain costs, like renovations
Retirees who want to stay put and improve cash flow

Common questions

Don't see your question? Pick a topic above to see your options.

It often makes sense when you can lower your rate enough to recover closing costs within a few years, when you want to switch from an adjustable to a fixed rate, or when you want to shorten your term. Divide your closing costs by your monthly savings to estimate your break-even point in months.