6 Inspiring Ways to Use Your Home's Equity

A home equity line of credit (or HELOC) just may be the financial tool you need to achieve those goals you’ve always dreamed of. A HELOC allows you to tap into the equity built up in your home to put it to other uses or invest it back into your property.

First things first: what’s home equity? Or what’s equity on a house? It’s the difference between a home’s market value and the outstanding balance on all mortgage loans on the property. Home equity increases as the owner makes payments that apply towards the principal balance or if the home’s market value appreciates.

Grow your family: Using a HELOC to finance fertility treatments or adoption fees could help make the costs more manageable, so you can focus on preparing for your bundle of joy.

Be there when someone needs you: Whether you’re caring for your newborn or an ill family member, a HELOC may allow you to spend more time with them without added financial stress.

Take that bucket-list vacation of your dreams: Spread out the cost of that trip you’ve been dreaming of by financing it with a HELOC. The flexibility of interest-only or principal and interest payments could make that travel more affordable.

Give your home a makeover: Get that open floor plan or larger living space you always wanted by paying for home renovations with a HELOC.

Say goodbye to high-interest debt: You may be wondering, are home equity loans a good idea? In the “home equity line of credit vs loan” conundrum, HELOCs usually have much better interest terms than personal loans, credit cards, and other unsecured debt. You could even consolidate your debt and have only one payment to manage.

A HELOC from Citizens could help you unlock your full potential. We provide an easy and efficient approval process and two repayment options for maximum flexibility. And our home equity specialists provide support at every stage of the process.