Probably a good sign for my financial future that I have essentially no idea what "equity" is
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And thus a driver of inequality. Basically, you refinance the mortgage on the house by taking a new loan from the bank up to the value of the house (minus some amount), use some of that money to pay off the old loan in one shot and pocket the rest, thus 'cashing out' the equity
But of course also extending the terms of the loan. Generally the smart time to do this is when interest rates are very low, especially if you have a fixed rate mortgage, where you can 'lock in' the low rates.
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And now for the Devereaux Family Motto: You should of course always consult a financial professional before making any decisions.
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Okay so I just saw a suggestion that property taxes be made payable out of homeowner equity (as a remedy for the displacement of people whose house values have risen until they can't afford the taxes). What would be the mechanism for this? How would you "spend" equity this way?
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