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What you do gain is equity. And while that equity can’t be used to pay for a new house, it can be borrowed against cheaply.
A second mortgage, such as a home equity loan or a home equity line of credit, means you can use some of that value in your house for big purchases or projects without the higher interest rates you would pay for other types of loans or a credit card.
It’s one of the reasons home ownership is financially superior to renting, even if your monthly payment might not be that different. Owning property has inherent value.
I have a mortgage payment already, and groceries have tripled in what feels like a year and a half. My property taxes went up $200 a MONTH this year. What makes you think I’m in a position to make more fucking payments?
Equity is a fucking scam, brother.
I agree in general. But it is nice to know there is an option in an emergency (cancer, or totalling a brand new car or something). Cold comfort i know but its not nothing.
If I had a dollar every time someone said “but you have equity” I’d have the pleasure of slapping someone across the face for a dollar
Plenty of people in your position fund their retirement off their home equity. It's called a reverse mortgage. If you don't have heirs you care about leaving the house to, it's not a bad way to fund retirement.
Absolutely the biggest scam ever.
My parents bought their house for $159,000 in the late 90s.
They are still in that house. Guess how much is left on their mortgage balance? $350,000.
Why? Because of cash out refinances and HELOCs.
They should be retiring soon but they're not, because people like you said these equity loans are good.
They're not. These are terrible ideas. Do not EVER take out the equity of your home.
Woof, that sucks. I’m sorry to hear that.
I’ve never bothered myself. Not enough equity gained in my house and still too much mortgage to pay off. But I know my neighbors have had success with the process, as have my parents.