With real estate prices rising, it's not hard to find some tempting equity dollars in the home you own - it can feel like free finance! Maybe you bought a small house for $300,000 with a $250,000 mortgage, and 5 years later it's worth $500,000 - your home equity has jumped from $50,000 to $250,000!
Now let's add job dissatisfaction to the mix - you're sick of working for someone else, and dream about buying your own cafe or restaurant. Using the home equity to pay for it - with an amount like that you'll find plenty of eager vendors.
Dreams are great, and we want to encourage them. Security is also important, and that house should not be put at risk. That's why it's important to find finance that depends on the value of the assets you're purchasing, not the real estate that you've paid for over the years.
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Borrowing against your home equity is not an uncommon method for financing small businesses. But it's a gamble - one that puts your home on the line...