With house prices surging recently, the average American homeowner now has around $300,000 of equity in their home. With the cost-of-living also soaring, however, many homeowners are considering taking out a home equity loan, or HELOC, to pay off their mortgage. But how exactly do such lines of credit work, and are they a good idea?
NTD’s Evelyn Li spoke with Vance Ginn, the former chief economist at the White House’s Office of Management and Budget and the president of Ginn Economic Consulting, to find out more.
