Using home equity can make your richer, believe it or not. Yes, it’s a loan, but it’s the lowest cost loan you can get, thanks to the fact that it’s secured by real estate, your own property.
A home is the main personal asset of most people. The U.S. Census Bureau shows that home equity accounts for over half of the total net worth of couples between the ages of 35 and 54. Median home equity for an American in his or her mid-40s to mid-50s is between $70,000 and $97,000.
If used the right way, home equity can be an excellent financial tool. Let’s take a look at six ways in which you can put using home equity can make you richer in the long run.