3 Unique Ways To Use A Home Equity Loan

Home equity loans aren’t just for renovating your home. Here are three unique ways you can use your loan to live your A+ life and fund your plans.

You can use funds from a home equity loan for just about anything you want contrary to the common misconception of having to use it on improving your home’s value. A home equity loan allows you to borrow against the value of your home and use it as collateral – plus it often has better rates than a personal loan and can provide more funds.

3 Ways To Use A Home Equity Loan

Dream Home Upgrades

Instead of only focusing on home improvements, use your loan to add things that make you happy. Add the backyard pool you’ve always wanted, install solar panels to take advantage of solar power, or install efficient appliances. Any kind of remodeling can pay off if you personally find value in it.

Pay For A Wedding  

Are you helping your child or loved one plan a wedding? Take some stress out of the big day by using a home equity loan to pay for wedding expenses. You can use the funds to budget ahead of time and decide what’s needed or pay for the event after the fact.

You can also use it to cover expenses beyond just the ceremony and reception, like rings or a honeymoon.

College Expenses  

Want to go back to school but don’t have the funds to pay for a degree? Use your loan to continue your education or even help send your kids to college. You might get a better rate and repayment options as compared to a private student loan.

Summary

Tapping into the value of your home can be a great way to access the funds you need at a lower rate than other credit options. Consider a home equity loan for any of life’s major events – not just home improvements.