Chances are that your Coos Bay OR home and your retirement are closely linked to your financial future. Retirement accounts have taken a big hit through the course of the recession and many people are considering tapping into the equity of their homes. Tapping into home equity has become a less frequent option for many home owners over the past couple of years, due to both the lack of equity in homes today and tighter lending principles.
For those who need money for the funding of retirement or other issues it is safer to borrow equity in a home today than it was four years ago, in theory. Those who borrowed four years ago are more likely to be underwater today, especially when adding up a primary mortgage and a HELOC together.
Today’s home owner is most likely tapping equity at or near the bottom of the market, so if they have equity today there should be equity in the future, as home values rise again. That being said, borrowing equity is risky and should not be done without consulting an accountant or financial adviser.
Is the money that you have tied up in your home your best asset for future finances? If so, perhaps selling your Coos Bay home and buying a smaller, less expensive home would make financial sense. This would enable home ownership and free up some capital to invest at the same time. There are options for home owners facing retirement age, education being the key tool for success.
For the best information on how to use your Coos Bay home to fund your future, contact Jan Delimont, a Coos Bay Realtor with a MBA, at 541-290-1850 or by email today!
Click here to read an article from Market Watch titled “Tapping Home Equity in Retirement”.