In the U.S., nearly 10% of homes are valued at over $1 million, with homeowners holding over $34 trillion in equity. While this increased home value seems a blessing, turning that equity into usable funds is challenging. Homeowners can access equity primarily through borrowing methods like cash-out refinancing or HELOCs, which, although convenient, come with inherent risks and hidden costs. Selling a home outright carries its own challenges, often resulting in lower-than-expected profits. Understanding these financial tools and adopting prudent management techniques is essential for homeowners looking to leverage their equity wisely.
Nearly 1 in 10 homes in the U.S. is worth $1 million or more, with U.S. homeowners collectively sitting on more than $34 trillion in equity.
Equity is only valuable if you can access it. And if you don't want to sell, that typically means borrowing against your home's value.
Think of a HELOC like a credit card-it's not free money, you have to pay it back.'
Savvy management techniques can help you make the most of your paper equity.
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