An Equity Take Out is a term used for obtaining funds against some of your home equity. If you’ve owned your home for a few years, chances are you have built up some equity. Maybe now is the time to take advantage of that. Lenders will let you refinance up to eighty percent of your homes’ value or up to 95% in a spousal buyout from divorce.
This equity is a very cost-effective way to get funds to:
Do home improvements
Make a large purchase - boat, vacation home etc.
Restructure for the future
Help your kids through university, first home purchase etc.
Whatever your needs are, your home equity can be a great source of funds to finance your dreams.