Empower Blog

June 23, 2022

See What Your Home Equity Could Do for You

Mortgage
It’s summertime, which means summer projects, vacations and events are constantly being planned. Sadly, all this fun comes with a price – and it isn’t cheap. You might not realize it, but you can take advantage of the equity in your home to make this your best summer yet! Taking out a Hybrid Home Equity1 line of credit offers you both flexibility and control, so whether you’ve dreamed of renovating your current home into your dream home or taking the vacation of a lifetime, make it a reality with the help of your home’s equity.

How You Can Use It

When it comes to using our Hybrid Home Equity, the possibilities are nearly endless. That's why we like to call it the "anything" loan. Here are common uses to get you started:

  • Home Improvements – With the housing market near an all-time high, using the equity in your home to increase its value is a win-win. Tackle your summer projects, such as remodeling the kitchen, putting in a pool or replacing the AC unit, all thanks to your home equity.
  • Debt Consolidation – A home equity loan can be a great option for consolidating high interest debt.2 Bring your debt under one roof to enjoy the ease of having one low monthly payment at a reasonable rate. Doing so could help you get out of debt faster and save money on interest over the life of the loan.
  • Take a Vacation – After staying home for much of the last couple of years, travel is making a major comeback. Tapping into your home equity can give you the opportunity to plan and enjoy a trip to your favorite vacation destination this summer.
  • Plan a Dream Wedding – Wedding celebrations were also put on hold in recent years, but the industry is now back in full swing. Afford the wedding you or your loved one has always wanted with the help of your home equity.
  • Everything Else – Use your home equity to cover just about any large expense, from medical bills and dental work to adoption fees or even just building your emergency fund.

How It Works

We are the only financial institution in Kansas City that combines the flexibility of a home equity line of credit (HELOC) with the control of a home equity loan. That means: our Hybrid Home Equity works like a line of credit with a variable rate. Not only can you draw on that line anytime, but you can also select a fixed rate and repayment terms on a fixed portion of your balance when you pull from the loan. Other perks of our Hybrid Home Equity include:

  • The ability to borrow up to 100% of the value of your home to use however you’d like.
  • Conveniently transfer money anytime, anywhere via Online Banking or our Mobile App.
  • The ability to borrow from your home equity line for up to ten years, so it’s ready for you whenever you need it over the course of an entire decade.
  • Possibly qualify for or grow your share of Profit Payout.3

Ready to get started? You can estimate how much equity you may be able to borrow from your home by using our handy online calculator. If you have any questions about our Hybrid Home Equity, give us a call at 913.905.7000 or stop by one of our convenient branch locations.
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About the Author
tara wandtke
Tara Wandtke

Manager - Branch Sales

Tara Wandtke is the Manager - Branch Sales in CommunityAmerica Credit Union's South Region.