Savings Corner
APRIL 4, 2024
You can use your equity to renovate some rooms, pay off credit cards, cover college tuition, start your own business … or almost anything else. Another way to preserve your equity: Keep up with home maintenance and repairs. Home equity can be a valuable resource for homeowners. A home’s condition affects its market value.
Savings Corner
APRIL 4, 2024
Both act as second mortgages, using your home as collateral, and may offer tax deductions if the funds are used for substantial repairs or upgrades. Many borrowers use them to pay for major home repairs or renovations, like finishing a basement , remodeling a kitchen or updating a bathroom. homeowners as of year-end 2023.
Savings Corner
APRIL 4, 2024
Home equity loans are best used for five-figure renovation or repair projects — which can garner you a tax deduction on their interest — or to consolidate other debts. Paying for college: You may find lenders who advocate paying college tuition via home equity, but this is a risky move.
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