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Home equity rises as Americans refinance to cover bills

The New York Times reports that record levels of home equity are pushing more borrowers to refinance their mortgages to manage household expenses.

Reported · Written up by our desk · Mortgages

As home equity has climbed to record levels, the New York Times says more Americans are turning to their houses as a source of cash.

The outlet reports that rising credit card debt is one factor behind increased mortgage refinancing, with borrowers using refinancing to pay their bills.

In this shift, home equity is playing a larger role in household finances as Americans look for additional liquidity without relying solely on revolving credit.

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