Ask Terry Questions home equity

home equity

By Terry Savage on February 29, 2024 | Housing / Real Estate

I am about 21 months away from paying off my mortgage. I’d like advise on best option for using equity in my home to pay off some debt. Last time I checked, equity was over 200K (I will not be using all of the equity, just a portion) I do not want to do a 2nd mortgage or anything similar. Is it better to wait until I’ve paid off the mortgage? Any suggestions will be greatly appreciated.
Thank you

Terry Says

First, congratulations on paying off your mortgage. Now, don’t use your house as your piggy bank! Pretend it doesn’t exist as a source of money!
Can you get a second job, work overtime, anything to make extra money to pay down that other debt?
In less than two years you know you will have “extra” money each month with no mortgage payment. Then you can finally pay all the debt down more quickly.



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