Home equity in Owings Mills, Maryland, is the homeowner's interest in the home. Home equity can increase over time if the value of the property increases or the mortgage loan is paid down. This is the portion of the property that you actually own.

 

Equity is an asset so your home equity is part of your total net worth. You are able to take partial or lump sum withdrawals of out equity at some point if you need to. You can use the equity to buy a new home. You can sell your current home and put that money toward the purchase of your new home. You can also get and borrow against the equity to use for just about anything. This is known as having a second mortgage. However, it’s usually wise to put that money toward a long-term investment for your future. You can use a reverse mortgage to fund your retirement and these loans don’t require monthly payments.