Home equity levels have increased rapidly over the last couple of years, due to an increase in home values, low inventory levels and high buyer demand. As of the first quarter of this year, 47% of mortgaged residential properties were considered equity-rich, meaning that homeowners have at least 50% equity in their homes. Homeowners can tap into their home equity to cover large expenses, such as home improvements, debt consolidation, education expenses, and medical bills. There are five methods of tapping into home equity, such as home equity loans and home equity lines of credit (HELOC). Home equity loans provide a lump sum of money
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