Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard talk about the fact that there is $11.5 in home equity available in the market. Homeowners are sitting on a lot of equity. Tappable equity is 80% of the current value of the home. Did you know, you can leverage the equity in your favor? The two types of loan we are discussing is HELOAN (Home equity loan) which is basically a new mortgage so that you can tap into the value you’ve accumulated, and a HELOC (home equity line of credit) is like a credit card against your equity. However, the interest rates are higher and they amortize in shorter periods – up to 10 years. There’s a time and a place for both, such as if you want to remodel a bathroom or add in new landscaping. These are a couple of reason’s you might get these loans. Listen in as we discuss this and more!

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