Tapping Into Home Equity is Making a Comeback
Home prices are inching up and it could be what’s making homeowners comfortable with the idea of cashing in on some of their equity. Cash-out mortgage refinancing and home-equity lines of credit are two ways that consumers can readily reap the benefits of homeownership. Traditionally, this reflects a growing confidence in homeowners and it is also a good sign for the US economy. More homeowners with cash means more spending. Homeowners can cash in on their equity without as much risk since the median sale price of an existing home is up a whopping 40% since the start of 2014, according to the National Association of Realtors.