All the different ways to access equity in your home

Buying a home is a long-term investment that builds equity over time, which can be accessed through various options. Homeowners can utilize a second mortgage, such as a home equity line of credit (HELOC) or a home equity loan, to tap into their equity. A reverse mortgage is available for seniors, allowing them to borrow against their home without monthly payments. Alternatively, refinancing can provide access to equity but may not be suitable for those planning to move soon. It's crucial to consider the risks and consult with a financial advisor before accessing home equity.