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By Alexander Prewitt

Alexander is a Tucson native. He is a University of Arizona Alumnus and a devoted Wildcat fan. His experience in Real Estate over the last 11 years covers all aspects of residential Real Estate including listing agent, buyer's agent, and also working with distressed properties such as short sales and foreclosures.

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How can you use your current home to purchase another one? When you own a home, you develop equity over time, which is just the difference between what you paid for the property and what it is worth. So if you paid $400,000 for a home a few years ago, and it is now worth $500,000, you have $100,000 worth of equity.

Here’s the best part: You can actually use some of this equity by getting a home equity line of credit, or HELOC. This works like a credit card you can use that leverages the equity in your home. Using your HELOC, you can buy a new home, move into it, and rent out your old home. This will net you a nice cash flow you can use to pay off your mortgages, help you build wealth, and set yourself up for retirement.

If you’d like to learn more about using HELOCs or anything else, please call or email me. I am always willing to help!

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