Homeowners have seen a significant increase in home equity, rising from $15.6 trillion in Q1 2017 to $32.8 trillion in Q1 2024. This growth is driven by a strong housing market, low interest rates, and rising property values. Homeowners are exploring ways to utilize this equity, such as through home equity lines of credit (HELOCs), home equity loans, cash-out refinances, and reverse mortgages. Each option has its benefits and drawbacks, making it essential for homeowners to assess their financial goals and situations before proceeding.
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