Good news for homeowners over 50: the equity in your home may be worth more than you think

After years of rising house prices, millions of older homeowners are sitting on money they've never touched. Here's how it works — and how to check yours in about a minute.

By Lisa O'Brien — Home Equity Expert @ yourmoneysavings.comSponsored content · Updated January 1, 1970

If you bought your home more than a decade ago, chances are it's worth a good deal more today than the day you signed for it. Meanwhile, the mortgage balance has been coming down every month. The gap between those two numbers is your equity — and for a lot of people over 50, it's the largest sum of money they own outside of retirement savings.

The catch has always been getting at it. In the past that meant refinancing the whole mortgage, a stranger walking through your house with a clipboard, and a wait of a month or more. That's changed. A home equity line of credit can now be applied for entirely online, most homes never need an in-person appraisal, and the money can land in your account in under a week.

Best of all, looking costs nothing and leaves your credit score exactly where it is.

How it works

1Select your credit score and ZIP code below
2Check your suitability
3Answer a few questions to see how much you could borrow
4Get the money

Start your 60-second check

Select your credit score

Choose the range that comes closest. It does not need to be exact.

Pick a range above to continue.

What people actually use it for

Fixing the roof, the kitchen or the bathroom
Clearing credit cards charging 20%+
Medical or dental bills
Helping a child or grandchild
Keeping a cash cushion for later

Common questions

What is home equity, in plain English?

It's the part of your home you actually own. Take what your home is worth today and subtract what you still owe on the mortgage. Whatever is left is your equity.

Will checking hurt my credit score?

No. Seeing your options is a soft check. Your score only gets a hard check if you decide to move forward with a full application.

Do I need perfect credit?

No. Because the line is secured by your home, lenders look at your equity as much as your score. Plenty of people with average credit are approved.

Do I have to take all the money at once?

No. A line of credit lets you draw what you need, when you need it, and you pay interest only on what you've drawn.

Is my home at risk?

Any loan secured by your home carries risk if you stop paying, so only borrow what fits comfortably in your monthly budget. A specialist can walk you through the numbers first.

Ready to see your number?

It takes about 60 seconds and won't affect your credit score.