Borrowing Against Your Home Equity

Borrowing against your home equity looks good on paper. But don't do so, unless it's a dire emergency, such as a medical emergency. It shouldn't be done as you'll be putting yourself more in debt. For if you were to want or need to sell your house, you'd not be making any profit and your mortgage lender will end up with the money you make off the sale.


By Terri from NV

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January 2, 20060 found this helpful

To say that your mortgage lender will end up with your profits, is a misnomer. Better to say that you must take responsibility for your loans, since you'll be forced pay them back before you get to count any possible profit from the sale.

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By Linda (Guest Post)
June 27, 20080 found this helpful

You will receive any excess of the payoff of the mortgage when you sell your home. It doesn't all go to the lender. You may also get more for your home if you invest in upgrades and improvements with borrowed money.

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June 18, 20120 found this helpful

I have problems with borrowing against your home for medical emergencies. If you have a large emergency and are laid up, you may not be able to pay the loan back and put your security at risk by losing your home.


At the very least, the doctor/hospital can put a lien on it, limiting your options. Better to sign forms an make monthly payments to the hospital/doctor on the bill.

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