{"id":2972,"date":"2025-09-22T00:24:00","date_gmt":"2025-09-22T04:24:00","guid":{"rendered":"https:\/\/www.beingbobblog.com\/?p=2972"},"modified":"2026-03-24T08:56:17","modified_gmt":"2026-03-24T12:56:17","slug":"ways-homeowners-can-use-their-equity","status":"publish","type":"post","link":"https:\/\/beingbobblog.com\/happy-holidays\/ways-homeowners-can-use-their-equity\/","title":{"rendered":"Ways Homeowners Can Use Their Equity"},"content":{"rendered":"\n<figure class=\"wp-block-image alignfull\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/content.outboundengine.com\/uploads\/original\/56151\/666FdEnM-0NbLodUuRixRzMPkYWlN3gYyUGv8Yiu59I.png?w=640&#038;ssl=1\" alt=\"article-content\"\/><\/figure>\n\n\n\n<p>Equity is the difference between your home\u2019s value and your mortgage balance \u2014 and most homeowners have gained a lot of it over the past few years.&nbsp;<\/p>\n\n\n\n<p>Thanks to rising home prices, most homeowners are sitting on more equity than they might think. The typical homeowner had about $270,000 in home equity at the beginning of 2023.<\/p>\n\n\n\n<p>You can tap into home equity when you need it for home repairs, medical bills, college tuition or any other expense you might face. Here are four methods for tapping your home equity.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Cash-Out Refinance:<\/strong> <\/mark>With this method, you would replace your current mortgage loan with a larger one, then get the difference between the two balances back in cash to use how you\u2019d like.<br \/><\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Home Equity Loan:<\/mark><\/strong> This is a type of second mortgage that allows you to borrow from your home\u2019s equity. You would then pay it back monthly, plus interest, for 10 to 30 years.<br \/><\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Home Equity Line of Credit (HELOC):<\/mark><\/strong> Unlike a home equity loan, this is a line of credit that lets you borrow from your equity. In other words, you withdraw money as needed, much like you would with a credit card.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Home Equity Agreement:<\/mark><\/strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"> <\/mark>This is a fairly new option, allowing you to offer a company a portion of your home\u2019s equity in exchange for a lump su<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">m. <\/mark>Then, you repay the money once you sell or during a set period \u2014 but without interest.<\/li>\n<\/ul>\n\n\n\n<p>Do you want to learn more about home ownership? <a href=\"http:\/\/HowardHanna.com\/Camillus\" data-type=\"link\" data-id=\"http:\/\/HowardHanna.com\/Camillus\">Get in touch<\/a> if you have questions or if you\u2019re ready to begin the search for your next home.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Equity is the difference between your home\u2019s value and your<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5,12,13,6],"tags":[],"class_list":["post-2972","post","type-post","status-publish","format-standard","hentry","category-all-posts-comments","category-events","category-listings","category-real-estate"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","chromenews-featured":"","chromenews-large":"","chromenews-medium":""},"author_info":{"display_name":"Being BOB","author_link":"https:\/\/beingbobblog.com\/happy-holidays\/author\/admin\/"},"category_info":"<a href=\"https:\/\/beingbobblog.com\/happy-holidays\/category\/all-posts-comments\/\" rel=\"category tag\">All Posts &amp; Comments<\/a> <a href=\"https:\/\/beingbobblog.com\/happy-holidays\/category\/stuff\/events\/\" rel=\"category tag\">Events<\/a> <a href=\"https:\/\/beingbobblog.com\/happy-holidays\/category\/real-estate\/listings\/\" rel=\"category tag\">Listings<\/a> <a href=\"https:\/\/beingbobblog.com\/happy-holidays\/category\/real-estate\/\" rel=\"category tag\">Real Estate<\/a>","tag_info":"Real Estate","comment_count":"0","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p822aG-LW","_links":{"self":[{"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/posts\/2972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/comments?post=2972"}],"version-history":[{"count":0,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/posts\/2972\/revisions"}],"wp:attachment":[{"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/media?parent=2972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/categories?post=2972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/tags?post=2972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}