You can get huge collateral loans on homes, yes, even before it’s paid off. Equity is one of the safest investments you can make, and it can keep you above water for a long long time of you understand how to leverage it.
Sure, as long as you’ve got enough of it paid already. Maybe it’s different where you live but over here you can’t get a loan of more than 80% of your property’s value including what’s left to pay on your mortgage, but downpayments are 5% minimum so you can be years where coming up with cash to pay for maintenance is all up to you.
Also, you’re still getting indebted, which means your spend years paying more than you had budgeted for for work that doesn’t necessarily increase your priorities value so it’s money that’s basically lost.
You can get huge collateral loans on homes, yes, even before it’s paid off. Equity is one of the safest investments you can make, and it can keep you above water for a long long time of you understand how to leverage it.
Sure, as long as you’ve got enough of it paid already. Maybe it’s different where you live but over here you can’t get a loan of more than 80% of your property’s value including what’s left to pay on your mortgage, but downpayments are 5% minimum so you can be years where coming up with cash to pay for maintenance is all up to you.
Also, you’re still getting indebted, which means your spend years paying more than you had budgeted for for work that doesn’t necessarily increase your priorities value so it’s money that’s basically lost.