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Home equity is ‘not like bread,’ expert says — ‘It won’t go stale.’ Here’s when it makes sense to tap it
Homeowners are sitting on $17 trillion in equity as of the end of the first quarter of 2024, according to CoreLogic. The average homeowner gained $28,000 in equity compared to a year earlier.
For many people, there’s no need to touch that money.
Home equity is “not like bread,” said Greg McBride, chief financial analyst at Bankrate. “It won’t go stale if it just sits there.”
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One exception: If you need to make major home improvements or repairs, tapping home equity can be a viable solution, experts say.
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