There are numerous advantages to owning a home. One of the serious advantages is the equity that is built over time. As equity builds, you create a pool of money to access in trying times.
Home Equity
Equity is simply the value of a property after all debts have been deducted. If your home appraises at $500,000 with a home loan of $250,000, you have $250,000 in equity. Whether you realize it or not, this equity can get you through hard times or provide you with a funding resource. Lets look at some examples.
Emergency
If you get through life without any family or financial emergencies, you are one lucky person. Unfortunately, most people arent so lucky. Home equity can provide a financial cushion when life gets hard. You can use it to pay medical bills, legal fees and any other expenses that arise from your particular problem. You will be extremely thankful you purchased a home if you ever run into this situation.
Education
If youve ever watched The Simpsons, you may have seen the episode where Bart and Homer go camping. Bart tells Homer a scary story, but you only see the end of it and Homer screaming in terror. The words Bart whispers...
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