You’ve no doubt heard that home equity could be used to pay down debt. There are some real benefits to this method as a matter of fact. But first, you’ll need to understand exactly what home equity is. A home equity loan is essentially borrowing money from your house. If you’ve paid off 5,000 dollars of your mortgage, you’d have 5,000 dollars of equity. It’s a pretty simple concept that has some pretty strong reasons behind it.
Non RMCU links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Rocky Mountain Credit Union of any of the products, services or opinions of the corporation or organization or individual. RMCU bears no responsibility for the accuracy, legality, or content of the external sites.