- Rising home prices mean today’s mortgage holders also have record levels of equity.
- With interest rates poised to rise, many homeowners may want to tap those funds.
- But just because you can, that does not mean you should, experts say.
- Record increases in home prices are also pushing up the amount of equity people have in their abodes. For many Americans, that means they can borrow more against what is often their biggest asset.However, financial experts caution you should think carefully before making such a move.
The average mortgage holder currently has about $185,000 in home equity to tap, which is the amount they can access while still retaining a 20% stake, according to mortgage research from Black Knight.
news from CNBC.