A Comprehensive Look at Home Equity (English)

BALANCE Financial Fitness is a program paid for by Redwood Credit Union to provide our Members free access to tools and tips for better money management. Whether you're interested in creating a budget, developing a workable spending plan, getting out of debt, understanding and improving your credit report, buying a home, or planning for your financial future, Redwood Credit Union, and our trusted partner BALANCE, are here to help.

BALANCE is a confidential financial education and counseling service committed to helping individuals and families nationwide take control of their finances and reach their goals. On the BALANCE website, you’ll find information about what they do, who they are and how they can help you master your money. To speak with a BALANCE representative call 1 (888) 456-2227, toll free.

There are numerous benefits to owning your own home. Not only does it provide a place to live, where you can decorate as you want, but it also provides a source of wealth. Over time, most homes increase in value, and many homeowners use their gains for a whole host of purposes. Using your home’s equity can be a money-smart decision, but it is also a serious one that can have negative consequences if not done carefully. This 5-page program - with an optional quiz to ensure understanding - can help you make an informed choice. It will cover:

• What is home equity?
• Second mortgages
• Refinancing
• Reverse mortgages
• Factors to consider

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