Can you take out a Mortgage and use the money for any Purpose ?

Can you take out a Mortgage and use the money for any Purpose ?

Can you take out a Mortgage and use the money for any Purpose ?

 

mortgage for any purpose

 

You are entitled to borrow up to 50% of the equity of your home. For example  if your property is worth 1 millions shekels you can borrow up to 500,000 shekels for any purpose such as marrying off a child , putting a downtime payment on your first child’s home, a bar- mitzva or any other Simcha. You can even use the money to travel the world. there are no limits to what you can do with the money.

You can even pay off any existing loans that you have. Especially if you took out a bank loan, you can pay that off as the rates can be pretty high and the term is normally only 5-10 years so the monthly payment can be very high. You can consolidate your debts and use the mortgage to pay off all you loans over 25 years at a much lower rate.

 

Can you take out a Mortgage and use the money for any Purpose ?