It's National Homeownership Month ~ Reason #6 To Own Your Own Home

By
Real Estate Agent with Coldwell Banker Realty

 

 

It's National Homeownership Month in June and here's Reason #6 why you should own your own home:

 

 

IT GIVES YOU SOMETHING TO BORROW AGAINST, IF NEEDED

 

Reasons #6 To Own Your Home
 

The equity you build in owning your own home can provide financial resources for important or significant expenses when you might not have the needed cash on hand. Such expenses could include a child's college education, medical costs, necessary addition to your home, etc. While it's never a great idea to borrow against your home's equity for frivolous items, when it is necessary to do so, it's an avenue of funding via a home equity loan that can also provide the following benefits:

 

  • Proceeds from a home equity loan are not considered income and are not taxable.

 

  • Home equity loans may provide you with some tax breaks for the interest you pay.

 

  • The amount you can borrow with a home equity loan is limited only by the amount of equity you have in your home (as well as by your debt-to-income ratios and credit scores, of course).

  • In the current interest rate environment, the interest rate you pay on a home equity loan may be quite low and lower than other forms of borrowing.

 

 

 

If you are a renter, who would like to make the transition from renter to homeowner, contact Nina Hollander/Carolinas Realty Parners with Coldwell Banker Residential Brokerage.

We can help you turn your rent payments into mortgage payments!

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

If you are considering purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

 

 

 

Related Articles On National Homeownership Month:

 

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SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

Charlotte Magazine 5-Star Customer Satisfaction Award Winner Since 2007

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Rainmaker
1,727,406
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

In a way some may look at it as they look at a "whole life" life insurance policy and call it forced savings. As is the case for whole life insurance and the cash value it accrues many people rely on that value for retirement. I believe one of the reason reverse mortgages are so popular today is that home ownership is the only way many people have saved up any money/value today. Thank you Nina Hollander .

Jun 15, 2015 03:54 AM #15
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Bob "RealMan" Timm ~ I think you make an excellent point in this regard. It's unfortunate that so many people depend solely on the equity in their home for retirement savings, but in the end, it's better than nothing.

Jun 15, 2015 03:58 AM #16
Rainmaker
2,329,251
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Owning verses renting give so many want to put the home to work for the homeowner. You list is so very true.

Make it a great week!

Jun 15, 2015 05:31 AM #17
Ambassador
3,981,263
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina, a home offers up many advantages and the ones you mentioned above are good uses of the equity.

Jun 15, 2015 09:41 AM #18
Rainmaker
3,164,513
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

When I first got started in this business I opened up a HELOC.  It got me through the bad times.

Jun 15, 2015 08:07 PM #19
Rainmaker
4,798,519
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Nina.  While I hope to never need to borrow against my home. it's nice to be able to have the option in case of a serious emergency.

Jun 15, 2015 08:55 PM #20
Ambassador
930,233
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

Another great reason to own vs rent. Good Series. Your home will always keep you above water. 

Jun 15, 2015 09:01 PM #21
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Thanks, Frank Rubi, MBA ~ for following this series and finding it worthwhile to read.

Jun 15, 2015 09:30 PM #22
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gabe Sanders ~ good morning, Gabe ~ that was precisely my point, that it's a great option when needed and can provide peace of mind.

Jun 15, 2015 09:30 PM #23
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

James Dray ~ now there's a great reason for a HELOC that I didn't mention in my post.

Jun 15, 2015 09:31 PM #24
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto ~ good morning, George. An equity loan is good so long it is used from responsible "investments." And it can provide some peace of mind.

Jun 15, 2015 09:32 PM #25
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joe Petrowsky ~ good morning, Joe... and people have made comments adding a few more good uses for equity, such as starting a business, providing some relief if out of a job temporarily.

Jun 15, 2015 09:33 PM #26
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Nina.  Great series.  Why pay the landlord's mortgage when you can pay your own?

Jun 15, 2015 09:56 PM #27
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Conrad Allen ~ good morning, Conrad, and thanks! What you've said is what I've been saying for a long time.

Jun 15, 2015 10:08 PM #28
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

And all this time, I thought that was why we had siblings.....never thought of it as a reason to buy.  

Jun 15, 2015 11:48 PM #29
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roger, Roger, Roger... you sure do crack me up! I suppose siblings have to be good for something!

Roger D. Mucci

Jun 15, 2015 11:51 PM #30
Rainmaker
1,372,299
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Hi Nina,

You make an excellent point.  For many people their home is their greatest asset.

Jun 16, 2015 12:10 AM #31
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Thanks, Wayne and Jean Marie Zuhl... and thanks for the follow. I'm returning the favor. Hadn't realized that in all this time I'd never done so "formally."

Jun 16, 2015 12:21 AM #32
Rainmaker
1,679,921
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi Nina Hollander ,  Great Series!!!!  There are more reasons for home ownership that most people think about.

Jun 16, 2015 08:08 AM #33
Rainmaker
3,445,627
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Thanks, Larry Johnston! I've got a few more reasons up my sleeve to roll out in the next week.

Jun 16, 2015 08:13 AM #34
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