We're taking one step farther to empower your clients with the equity explorer. Allowing your clients with greater than 20% (at least 25k) of equity accrued to explore various scenarios to leverage and protect their equity.

Learn more about each scenario below:

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Learn more about the equity explorer options below:

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  • Create an Emergency Fund: Use a HELOC to create access to reserve funds in case of emergency (the dollar amount shown is the monthly loan payment x 12).
  • Make Home Improvements: Although home improvement is often highly recommended, Homebot is cautioning homeowners that most home improvements will NOT result in a positive return-on-income (or ROI). The dollar amount shown is the cash that can be taken out while still maintaining 80% loan-to-value. Homebot is also recommending your clients reach out to YOU, as the expert, for a more in-depth analysis of how home improvements affect their specific short and long-term goals.
  • Add more livable space: A twist on the home improvement option, this scenario specifically encourages expanding the livable square footage in the house or even building a detached accessory dwelling unit or ‘Granny Flat’. This can result in immediate rental income or more space to house an aging parent. The dollar amount shown is the cash that can be taken out while still maintaining 80% loan-to-value.
  • Eliminate credit card debt: Potentially one of the wisest uses of home equity, consolidating and/or paying down expensive credit card debt with a low interest equity loan or line of credit. The dollar amount shown is based on the average credit card debt per household in America (approximately $16k).
  • Pay off student loan debt: Similar to credit card debt, this offers a way to reduce interest charges while building credit history for the former student. The dollar amount shown is based on the average debt for a 2018 graduate (approximately $38k).
  • Go solar!: A fun take on home improvement. Adding solar panels can reduce the power bill and allows homeowners to qualify for a host of tax credits and other deductions. This tile, when opened, includes a link to Google’s Sunroof project to see if adding solar panels makes sense for a specific home. The dollar amount shown is based on average cost to install a 5kw system (approximately $17k).
  • Splurge on a European vacation: This is a cheeky example of what not to do with your equity and includes links to better uses in the module. The dollar amount shown is the same for all homeowners at $15k.
  • Explore new investments: This tile is intended to let the homeowner know that there are many uses for home equity and connecting with a professional for advice is the best first step!  The dollar amount shown is the cash that can be taken out while still maintaining 80% loan-to-value. 

Please note: These modules only display when a homeowner has more than 20% equity, totaling at least $25,000 or more. 

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