Empower Blog

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June 09, 2021

Ways to Use Your Home Equity This Summer

Kick off your summer projects with the help of a Hybrid Home Equity. Now’s the time to start those repairs, upgrades and renovations you’ve been dreaming of, and using your home’s equity to fund your home improvements has its advantages.

Perhaps the biggest benefit of a home equity line of credit is there’s a good chance it will have a lower interest rate than other types of credit, such as credit cards or personal loans. And a lower interest rate means saving money over the life of the loan. Additionally, if the money you borrow goes toward home improvements, the interest you pay could be tax-deductible, up to a government-imposed limit. Plus, with our Hybrid Home Equity, accessing your funds is quick and convenient, once you’re approved. Using the value in your home to increase the value of your home? Now that’s what we call a win-win.

If you’re in need of a little inspiration, read on for some popular ways you could put your home equity to work.

Make a Splash

Keep cool this summer by turning your backyard into an outdoor oasis. Put in a pool, add on a patio or deck, update your landscaping or build a fire pit to make your summer days and nights more enjoyable, and memorable.

Remodel Your Kitchen

Create the kitchen of your dreams by adding an island, updating your countertops or putting in new top-of-the-line appliances. Not only will you love cooking in it, but a remodeled kitchen is also a great way to boost the value of your home.

Create a Dedicated Workspace

Many of us learned during the last year that carving out a working office space at home is a good investment. If you’ll be continuing with a remote or hybrid work option, now is the perfect time to make your home office work better for you.

Invest in Home Improvements

With nicer weather and longer daylight hours, the summer months are a good opportunity to make upgrades that could also help increase your home’s value, such as replacing the AC unit, investing in energy efficient windows, redoing the roof or giving your home’s exterior a fresh coat of paint.

No matter what is on your summer project to-do list, your home equity can help you get it done. Learn more about our unique Hybrid Home Equity and how it offers both flexibility and control to give you peace of mind.
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