More Americans Tap Home Equity for Financial Safety Net

As high interest rates drive up the cost of borrowing money, more people are tapping the equity in their homes.

Americans took out $66 billion in home-equity lines of credit, or HELOCs, in the second quarter, a 40% increase from a year ago and the largest amount in almost three years, according to data from real-estate analytics firm Attom Data Solutions. These accounts, which allow homeowners to borrow against the value of their house, are making a comeback as higher rates make it less favorable to refinance a mortgage.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *