Equity is simply the value of a property after all debts have been deducted. If your home appraises at $300,000 with a home loan of $150,000, you have $150,000 in equity. Whether you realize it or not, this equity can get you through hard times or provide you with a funding resource. Let's look at some examples.
Medical Emergency
If you get though your life without any financial emergencies, you are considered a lucky person on the earth. Unfortunately this luck does not follow most of the people on earth. We can't foresee any emergencies which may happen in the future. If you don't build your wealth at the current time which you can control and plan, you be dragged into a deep debt problem and face a serious finance crisis if any unforeseen emergency pop up which suddenly need a huge amount of money to resolve the problem.
Example of common emergency is serious medical treatment in major illnesses and serious accidents are required huge amount on medical bills. If you ever run into this situation, you will be extremely thankful if you have purchased a home. With a home equity, you can get a home equity loan easily or get a home equity...
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