Millennials Are Tapping Into Home Equity, But Not For Reasons You Might Think [Forbes]
CORELOGIC (CLGX)
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Source: Forbes
Millennials Are Tapping Into Home Equity, But Not For Reasons You Might Think A home equity line of credit offers a solution for financing extended remodeling projects or other needs that require long-term funding. Adobe Stock While many homeowners choose to tap their home equity to pay for renovation projects, younger borrowers are more likely to use home equity lines of credit for purposes other than home improvement, according to a survey released today by Providence, Rhode Island-based Citizens Bank. Citizens’ research revealed there are significant differences in how HELOCs are used across generations. The survey found that Millennials preferred other financing options to HELOCs for their home improvement projects compared with older homeowners by 60% versus 47%. While traditionally the majority of HELOCS are used for home improvement projects (70%), Millennials are significantly more likely than homeowners over 40 to use a HELOC for non-traditional uses, including financing a ne
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