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Sometime in everyone’s lifetime, for luxury or necessity, there may be a requirement for a large amount of cash. Today’s homeowner is probably the best prepared individual to cope with this ‘‘need for money” problem. His equity in his home is a ready source of cash.
Let’s assume he bought his house about ten yean ago for $20,000 and has now reduced his mortgage to $10,000. Since home values rise, his house is now worth $35,000 which gives him an equity of about $25,000. On a conventional mortgage basis, a bank may loan him 80 per cent of value, or $28,000. Thus, after
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75.2%