Tappable Equity of U.S. Mortgage Holders

September 7th, 2022
Mortgage balances by nature are usually declining and even if the house values stay the same, your equity (wealth) in the house should be going up.
Most house equity growth comes from appreciation of the house value. As a whole, we are peaking at over $11 Trillion in equity (according to a recent BlackKnight Mortgage Monitor Report).
This provides a really nice cushion for home owners if the values do start to drop further.
If you own a home and have a strong equity position, opening a home equity line of credit (HELOC) would be a smart move. The benefit is you have easy access to your equity should you need it and you don't pay anything until it's utilized.
In my view, it's better to have access to your equity and not need it then to need it and not be able to access it.
As a side note, I do not offer HELOC's but if you're wondering what they are and want to know more about how they work, I'd be happy to have that conversation with you.
#borrowsmart #repaysmart #yourlenderandfriend