Episode 92: How To Use Equity In Your Home

With the blazing hot real estate market we’ve experienced over the last few years a lot of us are fortunate to be sitting on a nice amount of equity in our homes. Rather than just let that equity sit there doing nothing, why not put it to work for you? A home equity line of credit, or HELOC, is a great way to make use of the equity you have built up in your home. There are creative ways to put that to use, like buying a cabin, buying a rental property, using it to purchase a flip, or even buying a property to use as an Airbnb. You can also just use it to do updates on your home which will just increase the value of your house if or when you choose to sell down the road. 

 

Even if you have never considered doing any of this, getting that line of credit when you don’t need it can be a great advantage to you if you happen to want that money for something in a hurry. Tom Ferry always said it’s nice to have access to money when the world goes on sale. If you don’t end up using it it’s not hurting anything just sitting there. Now saying all of this we are definitely not encouraging anyone to go out and use that home equity like an ATM. A lot of people fell victim to this back when the market crashed, and we certainly don’t want that for anyone. What we are talking about is using that home equity to help you build wealth for yourself and your family. If a home equity line of credit is something you’ve been curious about we’ve got all the info for you right here. Let’s dive in!