Posted in home improvement loans

Home equity loans come with risks

Gary Sandler, Real Estate Connection
Published 2:56 a.m. MT Aug. 16, 2020

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Gary Sandler (Photo: Josh Bachman/Sun-News)

Thinking of purchasing a new vehicle or installing an in-ground swimming pool? Perhaps you’re in need of cash for college tuition, mounting debts or an extreme makeover for your family pet. Maybe you’d like to improve your home by remodeling or adding more space. Those uses and more can be financed using a home equity loan or home equity line of credit. But is it prudent to use the money — no matter what the circumstance? Maybe, maybe not.

According to CoreLogic’s Homeowner Equity Insights report for the first quarter of 2020, “U.S. homeowners with mortgages (roughly 63 percent of all properties) have seen their equity increase by a total of nearly $590 billion since the first quarter 2019, an increase of 6.5 percent, year over year.” The report also revealed

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