Homeowners gained a collective $570 billion in equity throughout 2016, bringing the number of homeowners with “tappable” equity up to 39.5 million, according to Black Knight Financial Services. Ben Graboske, EVP at Black Knight, expects to see more home equity lines of credit (HELOCs) than cash-out refinances, and more Millennials are using HELOCs than Gen Xers or baby boomers. Home remodeling was the No. 1 reason for taking out a HELOC last year, according to TD Bank.
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