Even if you’re not in the market for a new primary home, you can still cash in on the historically low interest rates we’re experiencing.
Start with an online calculator (here’s one: https://www.bankrate.com/calculators/mortgages/refinance-calculator.aspx) to see whether it makes sense to refinance or take money out of your home.
Here are three possible uses for your home equity.
- Buy a vacation or investment property. If you’ve been longing to be a snowbird or become a landlord, find the down payment for a purchase.
- Make your home age-friendly. Invest in some of the higher-ticket aging-in-place home upgrades – installing ramps or a stairlift, for example – to make spaces more accessible for your future.
- Find greater energy efficiency. Do some energy efficiency upgrades to make your home more comfortable and less costly to operate. Projects could include new insulation, windows, or a high-efficiency water heater. Learn more at https://www.energystar.gov/.