When you purchased your home, you not only made a sound financial decision, but you also secured a solid investment for your child’s future. More than just four walls and a roof, your home provides a countless array of opportunities for your growing family. As your equity increases, you can take advantage of a home equity loan to provide a solid foundation for your child’s future.
Help Them Hit the Road
After they pass their driver’s test, you may not be ready for your “baby” to have their own set of wheels, but there is no doubt that the open road is calling their name. For many parents, this stage of life is a stressful one, but a safe and reliable vehicle for your precious cargo can make this transition a little easier. With an equity loan line of credit, you have the funds available to provide dependable transportation that you can both feel good about.
Help Further Their Education
As reported by the Institute for College Access and Success, the average 2013 graduate completed college with almost $30,000 in student loans. With the equity you’ve built up, you can turn to a home equity loan to give your child the best start as they venture into the real world. As an added bonus, the interest on this type of loan is tax deductible, so you can enjoy more time to pay without any stress. Free from the burden of debt, your child can start their new journey with a clean slate and conquer their dreams with peace of mind.
Help Pay for Their Wedding
Unlike other income sources, your home’s equity typically grows larger every year, and it provides you with a sense of security that allows you to enjoy all of life’s greatest milestones. By the time your child is ready to say “I do,” the valuable equity in your home can supply the cushion you need to create an unforgettable day. From the perfect venue to phenomenal food and decor, wedding costs can quickly drain your wallet. With this in mind, an equity loan line of credit may be just what your budget needs.
As a loving parent, you are there for your child every step of the way, and a home equity loan can provide you with the means to make the most of every stage of their life.
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