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The following article was published in our article directory on June 27, 2011.
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Equity Loans – StillWorth Doing?

Article Category: Finances

Author Name: Alexander Domopopolous

Prior to the bursting of the housing bubblemarket and the sub-prime crisis it was a regular process for home owners with a great deal of equity in their property to use some of that equity to pay for large property improvement projects, second homes or cars or sometimes even on expensive family holidays. Indeed with hindsight it seems as though a lot of individuals believed that their properties would continue ever upwards in value and that they would have a permanent line of credit in their equity to call on. Now of course things are not quite so great. That same hindsight has revealed that constantly tapping their equity and extending property loans could not go on forever without some kind of problem.

Now of course, individuals are far more reluctant to take property equity loans and are even less likely to take them for non-essential luxuries such as cars or vacations. This is no bad thing. The fall in house prices and the realisation that there is no money train has made people far more prudent. But the question is, are there still any scenarios where home equity loans make sense? The answer is yes.

Traditionally, property equity loans were designed for families to make improvements to their homes. There was a certain logic and grace to such loans – if families wanted to renovate their properties then they would use some of the value of their own property to fund the renovation. Not only were individuals effectively investing in themselves, but they also knew that any money they took out of the value of the property would be invested straight back into it and provided their renovations were done correctly, they would normally see an improvement in the value of the property when it came time to sell. In addition, and just as importantly, they were investing in a better place to live for their family. Consequently, such home loans still make sense today, even in tough times.

Another traditional use for home equity loans that is still applicable today was when families took some money out to pay for their children's college tuition fees. Again, there is an undeniable logic to this too. You are investing in the future of your family and your children and using the home to make sure they get a good start in life. With college fees continually on the rise, this too still makes sense.

Finally, there is one other situation where property equity loans make sense, although this one is more pragmatic. If folks are struggling to pay debts and have got themselves in a bit of trouble, home equity loans can be useful to start again. It may be that families have accumulated credit card debts, store card debts and other loans. The interest on these could be massive and they could be falling deeper and deeper into trouble. The first step to take is to go and get some independent debt advice, but if these people still have a large amount of equity in their home it is likely the debt advisors will advise these people to clear all of their high interest loans and repayments into one place. Once again, if they know that they will never get into debt again and that they can never call on their equity again, this too can be a good use of home equity.

Keywords: mortgages, remortgages, home equity loans

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