Money Monday: Home equity loans - FOX 35 News Orlando

Money Monday: Home equity loans

Posted: Updated:
(WJBK) -  Home equity loans are making a comeback, but consumers should proceed cautiously.

Home equity loans mean you can tap money from your home. However, your equity goes down which means you 'own' less of the home.

If your property values fall you may sink under water, owing more than your home is worth. If you can't pay the loan for one reason or another, such as a medical crisis or a loss of job, you could lose your home.

Interest rates on modified mortgages may begin resetting in 2014 and 2015.

If you had a modification in 2009, your mortgage rate will reset this year. Lenders are supposed to notify you.

Greenpath says don't wait until that happens. Begin budgeting now so you'll be able to pay the higher rates.

VIDEO: Click on the video in the video player above to learn more from Greenpath Housing Director Mark Muzenberger


More info: www.greenpath.com

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