Here's how to use your home as a source of cash.
Key Points
Over the course of 2017, the amount of equity borrowers could take out of their homes, or so-called tappable home equity, rose by $735 billion, the largest annual increase by dollar value on record, according to Black Knight. This brought the collective amount nationwide to $5.4 trillion, which is 10 percent more than at the pre-recession peak in 2005.
If you do have at least 20 percent, the most common ways to tap the excess equity are through a cash-out refinance or a home equity loan. This is a good plan if interest rates are currently lower than the rate you have on your old mortgage. If not, a home equity loan might be a better option.
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