Leveraging Home Equity towards Retirement on The Main Line
If you’ve been a homeowner in Main Line, PA, understanding your home equity can be key to your retirement plans. /Let’s talk a bit about equity and how it factors into retirement planning. Home equity is the difference between your home’s current value and the remaining balance on your mortgage. As you pay off your mortgage and see an increase in property values, which have been growing exponentially on The Main Line, your equity grows. Here are some reasons why growth in home prices can be advantageous for your retirement.
Selma Hepp, Chief Economist at CoreLogic, highlighted in the latest Equity Insights Report price gains are helping homeowners build wealth. Equity has reached new highs and also recovered from losses incurred in the previous year. Homeowners in the U.S. saw an average increase of over $20,000 in equity compared to the third quarter of 2022, with some markets experiencing even more gains. This substantial equity increase can significantly impact your financial situation and speed your retirement plans.
Here are a few ways you can leverage your home equity to work towards your retirement goals in Main Line, PA. First, Buy a Home That Fits Your Needs: If your current home no longer suits your needs, you can use your equity as a down payment for a home that better aligns with your changing lifestyle. Second, Reinvest in Your Current Home: If moving is not on the horizon, consider using your equity to make improvements to your current home. Consult with Kimmy Rolph real estate to strategize the projects that will increase your home’s value, giving you a greater rate of return.
Home equity can serve as a catalyst for realizing your retirement dreams. If you’re curious about the amount of equity you’ve built up on your Main Line, PA home, connect with Kimmy Rolph real estate to conduct a thorough equity assessment. Let’s take this next step together!
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