Don’t just sit there,

get up off your Equity!!

OK, here's the scenario. You bought your 3 bdrm/2 bath home in 1995 for $200,000. At that time you made a down payment of $20,000 and borrowed $180,000. How much was your equity? $20,000, the amount of your down payment.

 

Ten years later, homes just like yours are selling for $600,000 (yes, in the Bay Area, these numbers are perfectly normal, even if they seem somewhat exaggerated in other parts of the country.) You’ve been making your regular loan payments all this time, and now only owe $146,000 on your loan.

 

How much is your equity now? Your equity is now $454,000!

$600,000 (current appraised value) less $146,000 (amount owed) =

$454,000 (equity).

HOLY CASH COW!!!

Time to cash out, get out of Dodge, and head for the hills, right???

Well, maybe….but not EVERYONE wants to leave their home here in the Bay Area, and for a whole host of perfectly good reasons.  You can’t beat the weather, nope! You live in one of the most desirable metropolitan areas in the country, yep! You’ve an entire social network running perfectly well; and then, of course, there’s THE FAMILY…mom, dad, brothers, sisters and their families, your kids, your grandkids (assuming you were maybe pushing 40 when you bought that little $200,000 house?). How could you possibly leave it all behind? Even with the dollars and cents screaming TAKE THE MONEY AND RUN!

 

Well, you don’t have to. Not if you don’t want to. But don’t just sit there –

Get up off your equity and make it work for you!

...Click here to continue, "How Can I Use My Equity?"