The total amount of untapped home equity in the U.S. is at an all-time high --- over 5 TRILLION dollars!! Yet, the number of homeowners tapping into that cash is at a four year low.
“I think as a country, we’re more conservative about accessing these funds because of what happened to many of us in 2008 to 2009,” says John Heasley of Texas Bankers Association. Also, Heasley says, “home prices are rising in Texas and many of us don’t want to move. We can exercise a cash out with a refinance and use that money to remodel or make repairs to our houses that haven’t been made for 20 years.”
Heasley suggests you talk to your banker and see if a home equity loan or a cash out could make your life better.