PROVIDENCE – Home equity lines of credit are looking increasingly appealing to homeowners thanks to rising interest rates, according to a new survey by Citizens Financial Group Inc.
The survey found that nearly half of homeowners are considering applying for a home equity line of credit within the next three years, with younger generations the most likely. Home equity lines of credit were considered just as good an option as personal bank loans, according to the study.
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Among those considering using these credit lines, renovations topped the list of reasons for the extra financing, particularly because rising interest rates make cash-out refinancing less popular as a way to pay for renovations.
The survey reflects online responses from 1,000 homeowners nationwide.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
