If you’re facing a financial crisis, it can be difficult to know where to turn for help. Fortunately, there are several types of mortgages that can provide relief in different situations. From business line of credit to refinance cash back, here are some of the most common types of mortgages you can use to get out of a financial jam.

Business Line of Credit

It is a type of mortgage that provides flexible access to funds for small business owners. With it you can borrow up to a certain amount and pay interest only on the amount you use. This can be a useful option for businesses that need short-term financial support, such as to cover unexpected expenses or bridge a gap in cash flow.

Startup Loans

If you’re starting a new business, a startup loan can provide the capital you need to get off the ground. Startup loans typically have more flexible requirements than other types of mortgages, as lenders understand that new businesses may not have a long track record of success. However, they may also come with higher interest rates or require collateral to secure the loan.

Business Lending

Business lending is a broad term that encompasses a wide range of mortgage options for businesses. From term loans to equipment financing, there are many different types of business lending available to suit different needs. Whether you need funds to expand your operations, purchase new equipment, or cover unexpected expenses, there is likely a business lending option that can help.

Lantern Loans

Lantern loans are a type of mortgage that is specifically designed to help people who are facing financial hardship. These loans are typically offered by nonprofit organisations or government agencies, and may come with more flexible terms or lower interest rates than traditional mortgages. Lantern loans may be a good option if you’re struggling to make ends meet and need a short-term solution to get back on track.

Refinance Cash Back

If you already own a home and have built up equity, a refinance cash back mortgage may be a good option to get some financial relief. With a refinance cash back mortgage, you can refinance your existing mortgage and receive a lump sum of cash back based on the equity in your home. This can be a useful option if you need funds for a large expense, such as home repairs or medical bills.

It’s important to note that mortgages are not one-size-fits-all solutions. The type of mortgage that is best for you will depend on your individual financial situation, as well as the specific needs you are trying to address. Before taking out any type of mortgage, it’s important to do your research and understand the terms and requirements of the loan.

Additionally, it’s important to consider the long-term implications of any mortgage you take out. While mortgages can provide short-term financial relief, they also come with long-term costs in the form of interest and fees. Before taking out a mortgage, make sure you have a clear plan for how you will pay it back and how it will fit into your overall financial picture.

There are several types of mortgages that can provide financial relief in different situations. From business line of credit to startup loans, refinance cash back, and more, there are many options to choose from. However, it’s important to carefully consider your individual financial situation and the long-term costs and implications of any mortgage before making a decision. With the right approach, a mortgage can be a valuable tool to help you get out of a financial jam and move toward a more stable financial future.