graphic

graphic

SUBSCRIBER EXCLUSIVE
Unlock the value of your house
All you need to know on cash-out refis, tapping home equity and reverse mortgages.
June 16, 2004: 9:44 AM EDT
By Cybele Weisser, MONEY Magazine

NEW YORK (MONEY Magazine) - Last year thousands of Americans discovered a pot of gold in their own living rooms.

Or so it must have seemed: Spurred by historically low interest rates and sky-high housing prices, homeowners took out $223 billion in new loans backed by the equity in their homes in 2003.

It's crucial to remember how easily this tool can be misused. Fortunately, if you borrow wisely, you can enjoy the extra cash without excess risk.

With that in mind, what follows is everything you must know to understand the various methods of extracting equity from your home and to sort out which, if any, is right for you.

Continued...  Top of page




  More on REAL ESTATE
It's getting more expensive to be a renter
World's hottest luxury housing markets
What will your monthly mortgage payment be?
  TODAY'S TOP STORIES
Cable TV mega-merger in the works
$1.8 billion disappears in Russia space program
Vatican bank makes big profit




graphic