Frequently asked questions
Most Common FAQs
A Home Equity Cashout from JG Wentworth lets you access the equity you’ve built in your home without taking on new monthly payments, even if you don’t have perfect credit.
The idea is simple: Instead of a loan, JG Wentworth gives you a lump sum of cash today in exchange for a percentage of your home’s future value.
It’s a flexible option for homeowners who want to access some of their home’s equity without selling or refinancing, without needing perfect credit, and without the pressure of more monthly payments. If you’re looking for financial breathing room while keeping your home, a Home Equity Cashout may be right for you.
To be considered for a Home Equity Cashout, you’ll need the following:
- A credit score above 600
- Home equity of 25% or more
- A home worth over $150,000 in a state we operate in
- No recent bankruptcies or foreclosures
- A qualifying property—that is, a single‑family home (1 unit), condo, townhome, 2–4 unit residence, or planned unit development
If you’re unsure whether you qualify, we can walk you through it. Many homeowners are eligible even if they’ve been turned down for traditional financing.
We currently offer Home Equity Cashouts in: California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Ohio, Pennsylvania.
We’re actively expanding into new states, so more locations are continually added. Stay tuned!
After you receive your funds, you’ll have up to 10 years to settle the Cashout. This can happen in two ways:
- If you sell your home, our share is simply paid from the sale proceeds.
- You can obtain and use other funds, such as getting a home equity loan, refinancing your mortgage, or using your personal savings.
By using some of their Cashout funds to pay down debt and bills, clients can often improve their credit profile and become eligible for a home equity loan in just a few years. That home equity loan can then be used to settle the Cashout early.
There are no prepayment penalties, and you can also make partial payments at any time.
No, a Home Equity Cashout is not a home equity loan.
A Home Equity Cashout is designed to help people who might not qualify for a home equity loan or don’t want additional monthly payments. Instead, it gives you access to your equity without increasing your monthly obligations and without the strict credit requirements of traditional lenders.
Like other home equity products, it does place a lien on your property, but only so it can be settled when you sell or refinance—not through monthly payments.
Home Equity Cashouts are designed for homeowners who want flexibility, stability, and access to cash without taking on more debt.
How to Apply
- Get a Preliminary Estimate — Instant
- Complete an application — 10 to 15 minutes
- Receive a Cashout Estimate – 1 to 2 days
- Work with us to complete the underwriting process — 10 to 45 days (average 30 days)
- Schedule your signing and receive your funds — 5 to 7 days
The minimum credit score required to apply is 600.
We do not have minimum income requirements or job requirements but you do need to have sufficient income to continue to satisfy your ongoing obligations from the home—for example, your mortgage payments, homeowners insurance, and property taxes.
Typically, you’ll need to provide proof of income, recent mortgage statements, proof of homeowners insurance, and a government-issued ID. Depending on your specific situation, there may be additional information we request as part of the underwriting process.
Because JG Wentworth has a shared interest in the value of your property, we need to be added as an additional named insured and loss payee on your policy before closing and funding.
You can absolutely qualify for a Cashout if you have a HELOC or home equity loan. However, we cannot offer you a Cashout if you already have a reverse mortgage or another shared equity agreement.
Having a paid-off home can make you a great candidate for our Cashout since you own all of your home’s equity.
All owners on the property’s title need to sign closing documents. If you are married or in a registered domestic partnership or civil union but your spouse or partner is not on the property’s title, you and your spouse or partner must sign and have notarized a document stating that they approve of your entering into a Cashout agreement.
There are some situations in which a Cashout may not be the best choice for a homeowner. Examples may include:
- If you prefer a traditional home equity loan or HELOC and can qualify with good terms
- If you can refinance your current mortgage and take sufficient cash out without paying a higher interest rate on the new mortgage
- If you are currently delinquent on your mortgage or property taxes
- If your home requires major repairs or you cannot afford to maintain it
- If you expect your home to appreciate significantly in the near-term and don’t want to share the upside
The typical Cashout is $25,000 or more. We generally offer 10-20% of your home’s current value, with a maximum amount of $400,000.
It typically takes up to 5 days to receive your funds after closing.
Yes! Your cash is yours to use for whatever you need: debt repayment, rebuilding your credit score, major expenses – you name it. Your money, your choice.
Only primary residences and second homes qualify for a Cashout. Investment properties are not currently eligible.
How a Cashout Works
We will appraise the value of your property at the time we offer you a Cashout. This will be done with either an automated valuation model (AVM) or a certified appraiser.
When it comes time to exit the Cashout—and determine the Closeout amount—the methodology for valuing your property depends on how you are settling the Cashout.
- Property sale (settling the Cashout by selling your home): We will generally use the sale price of your home except in unusual circumstances.
- Cash Closeout (settling the Cashout without selling your home): We use the appraised value of your property as of the Closeout date.
This approach ensures that your Closeout amount reflects a fair and accurate valuation based on your chosen path.
Once your appraisal has been ordered, you will receive an email notification from us. We partner with independent appraisal companies to ensure a fair valuation. After the appraisal is ordered, the appraisal company will contact you to schedule the appraisal. The timing can vary depending on the demand and availability of licensed appraisers in your area. If you haven’t heard from the appraisal company within a week of receiving the email notice, please contact us.
The maximum amount of your Cashout is determined by a variety of factors, such as the value of the property, the percentage of home equity you have, and your credit profile.
Before closing, we will provide you with a closing disclosure, which will show the total cash amount you’ll receive from us after the payment of fees and expenses associated with the transaction, and less any loan payoffs we make on your behalf.
The Closeout amount will vary based on how many years the Cashout is outstanding and what’s happened to your home’s value since you received the Cashout. Refer to the Getting Started document or your legal agreement for illustrative scenarios to help you understand the potential cost.
In exchange for giving you a Cashout today, we receive a share of your home’s future value. Typically, this share is equal to about 2x the percentage of your home’s value that you get as a Cashout payment.
For example, if your home is worth $500,000 and you receive a $50,000 Cashout (i.e., 10% of your home’s value), we would receive up to 20% of your home’s value when you settle the Cashout.
Importantly, your Closeout amount can often be less than the 20% share in this example. That’s because you’ll never pay more than the maximum annual rate—generally 19.99% in most states. In other words, no matter how quickly you settle the Cashout or how much your home’s value increases, you’ll never owe more than this amount.*
When it’s time to calculate your Closeout amount, we use the following formula:
Your Closeout amount is the lesser of:
Your Final Home Value × JGW’s Share*
Your Maximum Closeout Amount (based on the Rate Cap).
This structure provides clarity and predictability, helping you plan with confidence. You’ll always pay the lesser of the two amounts.
* Provided you are in compliance with the agreement and have paid all expenses as agreed
When you prequalify and submit your application, we provide you with an initial estimate based on your home’s value using an Automated Valuation Model (which is a computer-generated value of your house), your credit report, and the information you share in your application.
This estimate may be updated during our review process if any information changes. For example:
- If the appraised value of your home differs from the Automated Valuation Model
- If a refreshed credit report reflects changes to your credit score
These updates may affect the amount we’re able to offer and could influence the final pricing or terms.
After You Receive a Home Equity Cashout
Yes. You maintain title and continue living in your home with the sole right of occupancy throughout the agreement term. We have the right to share in your home’s value at an exit, but do not generally become a co-owner of the home.
As the owner of the property, you remain responsible for all these costs.
Remodeling can be a great way of increasing your home’s value and improving your quality of life.
Cashouts can help here as well. If you are remodeling your home, you can apply to receive a “remodeling adjustment” so that the increase in home value attributable to your remodel is credited back to you when you pay off your Cashout. To qualify, your remodel must increase your property’s value by at least $25,000 and meet other conditions. Refer to your agreement for additional details.
You remain the legal owner of your home and hold title. You have the sole right to decide on any renovations and will direct the property’s sale if you decide to move—subject to the terms of your agreement. As long as you meet the terms of the Cashout agreement, JGW will not take possession of the property and has no role in your day-to-day decision-making about your home.
However, as with any financial agreement, there are ongoing responsibilities you must continue to meet while you have a Cashout. If you do not meet these responsibilities, you may be in default, which can have serious consequences. Not all defaults are serious enough to require us to take action, but some can be. We will notify you of any problem we become aware of that requires your attention and will give you time to resolve the situation, unless we think the problem poses an immediate risk to our interest in the property.
You should consult with your tax advisor before entering into a Cashout agreement. Tax laws are complex, vary by state, and your situation may have unique characteristics.
You may not take out new loans or add liens secured by the property while you have a Cashout without our written consent. You may draw upon an existing HELOC up to its current limit, but may not increase its credit limit. We will generally permit refinancing or new loans only if they don’t increase the total debt on your property. Also, note that some lenders may not be willing to refinance your mortgage if you have a Cashout outstanding.
In the event of the last surviving homeowner’s passing, this Agreement will remain in effect and apply to their estate. We ask that the estate notify us promptly of the homeowner’s death.
Once notified, the estate will have two options: either to pay off the Cashout with a cash payment or to sell the property.
The estate must inform us of its chosen path within 30 days of the date of death and finalize the transaction within 180 days. This ensures a smooth and respectful transition while honoring the terms of the Cashout.
Yes, at any time during the 10-year term, you can elect to make partial payments to reduce the share of the property value that we’d receive at exit. We will reduce our share based on the partial payment amount as a percentage of the current value of your home. While you can make a partial payment at any time (subject to certain conditions), be sure to give us 45 days’ advance notice of your payment.
Example: if the current value of your home is $500,000 and our share is 20%, making a $30,000 partial payment reduces our share by $30,000 / $500,000 = 6%. Our remaining share after this partial payment would be 20% – 6% = 14%.
Settling Your Cashout
Once we’ve received the full Closeout amount, we’ll initiate the release of our lien or security instrument. The timeline for lien release varies by state, based on local recording procedures, but typically it takes about 60 to 90 days for the lien to be officially removed from your property title.
When you accept a Cashout, you are agreeing to keep the property in good condition. Major repairs can’t be ignored—if deferred maintenance reduces your home’s value, we may apply a “home repair adjustment” when calculating the Closeout amount. This amount will be assessed using an “as-maintained” appraisal or repair cost estimates. This effectively attributes the loss of value due to your failure to maintain the property to you alone.
You can settle your Cashout at any time without selling your home. For most clients, this is achieved by refinancing their mortgage, getting another loan, or using savings.
With a Home Equity Cashout, you have 10 years to settle the Cashout, either by selling your home or by settling in cash.
It’s important that you have a plan to pay the Closeout amount by the 10-year deadline. If you don’t exit by that time, we will have the right to take one of the following actions:
- Extend the 10-Year Deadline – Typically only if there is a Closeout or sale that is already underway.
- Roll over your agreement into a new Cashout – We may, at our sole discretion, replace your current agreement with a new one on similar terms but updated for your current home value and a new share percentage (that reflects the value of our share of your home at that time). There’s no guarantee we can or will offer this option to you. Importantly, if we take this step, our share of your property will increase considerably.
- Claim JGW’s Share – By taking this action, we become a direct co-owner of the property alongside you. This would allow us to sell the property on our own and receive the Closeout Amount. Of course, this is a rare, last resort outcome and exactly the type of situation we look to avoid.
Find out today how much you could cashout!
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Pursuant to the Fair Credit Reporting Act (FCRA), I hereby provide my written instructions and authorization for J.G. Wentworth to obtain a consumer report on me. I understand that J.G. Wentworth has a permissible purpose under the FCRA to request and review my consumer report in connection with a financial transaction. I acknowledge that this request for a consumer report is being made in accordance with my explicit consent and instructions as required under the FCRA.
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Why does JG Wentworth need to confirm my address?
To provide you with the most accurate estimate of your available home equity, we need to make sure we’re evaluating the correct property.
Do you need my unit number?
If your home is part of a multiunit building, including your unit number helps us match your property and provide the most accurate estimate.
Where did this estimate come from?
We use publicly available data and recent sales in your area to estimate your home’s value. If it doesn’t look right, you can adjust it. The value entered here will be used to generate your initial estimate, and if you complete an application, we’ll verify it through a third-party valuation.
Do I need to own the home?
Yes. JG Wentworth’s Home Equity Cashout is only available to homeowners. If you’re not the owner of the property, you won’t be eligible to proceed.
Why didn’t you find an estimate for my home?
Some properties don’t have enough public data for us to generate a reliable estimate. You can enter your best estimate instead.
What should I base my estimate on?
Recent sales of similar homes, online valuation tools, or a number you’ve received from a lender or agent are all good reference points.
Where can I find my mortgage balance?
You can usually find it on your most recent mortgage statement or by logging into your lender’s online portal.
Do I need the exact balance?
While a more accurate number ensures a more accurate Cashout estimate, an estimate of your mortgage balance is perfectly fine. We’ll confirm the exact amount later if you move forward.
Why does JG Wentworth need this information?
We use your contact details to share your personalized estimate and follow up if we need anything to review your request. For full details on how your information may be used, please review the disclosures and consents above the “Get my offer” button on this page.
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1Home Equity Cashouts are originated by JGW Residential, LLC, (NMLS ID # 2669687 in CO, GA and IL); nmlsconsumeraccess.org. A Home Equity Cashout is not a traditional loan and does not require monthly payments. However, it involves a future financial obligation based on the value of your home at the time of sale or another triggering event and creates a lien on the property. Product classification may vary by state, and in some jurisdictions, this agreement may be considered a reverse mortgage or credit obligation. Please consult with a licensed advisor or attorney to understand how this product may be treated under local law.
2An average Home Equity Cashout transaction takes 30 days from application to funding. Individual situations will determine timelines.
3Credit profile improvement is not guaranteed. Individual results may vary based on payment behavior, credit history, and reporting practices of credit bureaus.
4The information provided herein does not constitute legal, financial, or tax advice. JG Wentworth does not provide professional advice and makes no representations or warranties regarding the accuracy or completeness of the information. Consumers should seek independent legal, financial, or tax counsel before making any decisions related to this or other financial products.
5If you default on the Cashout agreement or don’t pay off the Cashout after 10 years, JG Wentworth would have the right to become a co-owner of your property and direct its sale.
