What would you do with $200,000 home equity?

[Msbear]

another thing to mention...you can pull out 100k, buy a house for 200K, put 25K down, 50k into fixing it, and the other 25k to make payments and have emergency money. We were going to do it, but our income to debt ratio was not high enough for us to qualify. Another big problem is that the lending institutions have tightened up because they're in panic mode.

I would still hold tight and sell your home in a good market first, then look for investment. When you have a family, you should probably take the safe route.

 

[seedcorn]

To the choir, sing away.......Don't touch the equity. Now is the time to get out of debt not get into it. too deep in debt, no roof over your head that's yours.

 

[the1much]

every day,,EVERY DAY,, your equity is less and less,,look at the housing market,,, how many being sold right now,, then add in that our $ is worth LESS , every day EVERY DAY,, so you may be able to afford the payment now,, but next month when it takes TWICE the amount of money just for basics,,will you still be able too?,, then you look at EVERY WARNING sign, that we're headed for a MAJOR depression,,, where will that leave ya?

 

[fowlwoman1]

Thanks, guys... I guess it was wise to look for advice from the most knowledgeable people on the planet! We live in this weird pocket where the property values keep going up, up, up. It's weird to hear that around the country everywhere else's property values are going down. Gas prices are higher here than anywhere else in the country, too I think. I suppose property values will eventually tank since they always do. With our first house we were able to buy it at $62K and homes were being sold for less than were owed on them. We were lucky and sold it for $110K five years later. We got out of debt, bought a nice used truck and bought my mom's house.

This is just entirely uncomfortable being broke. Jobs suck. It's not easy to find a sucky job, either. I'm not interested in more stress in my life. I just want to sell stuff on ebay in my own quiet little corner of the world.

 

[Cetawin]

You have equity...leave it as such. The worst thing you could do at this point, with this economy and election coming, is to mess with your equity.

If you are 'broke', your home paid for, your bills paid and family is surviving...leave it be. The only other option is to work outside the home, that is a personal choice.

Hang in there...we are all struggling with this economy...we feel your pain.

 

[EweSheep]

Quote:
Ditto here too! We would love to tap in our equity but it would be a very BAD choice if we do that now. So we are all riding this out and hopefully we will sell our house in few years time.

 

[CarriBrown]

Don't touch that money! Think of it this way... it's technically NOT yours to spend until it's in your pocket. Your house is not an asset until you sell it.

 

[bigzio]

It's kinda different how folks look at wealth?

I think being in good health, having a good harvest, and some of the family loving you is more important than anything money can buy?

Life is one day at at a time.... easy does it works best for me.

bigzio

 

[Reinbeau]

Quote:
You are not broke. You have a roof over your head (and plenty of equity under that roof! Think of all of those who spent the equity in their homes, now their homes are worth less and they're upside down on their crushing mortgages).

I think you seriously need to sit down and write down why you think you're so broke, on one side of the paper, and then on the other write down what you have. Be honest. Don't try to tilt your view towards you're 'being broke'. I think you'll find you have a lot more going for you and yours than you think you do.

Then decide what you can do without. And do it. You can get by on less, especially when less means less car, less vacation, less all of the spendy things so many people think they 'need'.

Think of what you have instead of what you have not. Cultivate a grateful attitude. You'll find you really only need to eat, breathe clean air, have a happy family around you, and to be indebted to no one.

Don't touch that equity, that money won't bring happiness.

 

[Dixiedoodle]

If you are struggling to pay your mortage now, you be even more strapped with a large one! I think with the market like it is, I would sell IF I could get 400k for it and purchase something outright--even if I had to downgrade. Not having a house payment would lessen your burdens..Dixie