Sentences with phrase «large portion of the equity in their home»
Borrowers could possibly use up a large portion of the equity in their home and have less inheritance to pass on to their heirs.
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If that happens to a jumbo loan borrower (who has at least $ 417,000 invested in the home, because that is where conforming loan limits end and jumbo loan limits start), then having a larger portion of the mortgage paid off can reduce his risk of getting himself into that negative equity situation.
When you repay your home's loan, then you own a larger portion of the property, so your equity in house increases.
For many older Americans, their home equity represents a large part of their wealth, a number experts say currently exceeds $ 5 trillion in the U.S. Knowing that you have the ability to use this money, if need be, is a comforting notion for many, considering that a large portion of older Americans do not have enough money saved up to secure their quality of life during retirement.