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If you're 62 or older and need cash now, a can be a great choice. Unlike a HELOC or a home equity loan, you don't have to make payments as long as you continue to live in your house. Instead, you’ll receive payments from your home equity, and repayment only happens if you sell your home or in the event of your passing.

And with rates falling since January's peak, you could get better terms and interest now. View Money’s list of the to find one that works for you.