It's no secret that Millennials are doing life differently than their parents. But some are taking things to a completely different level and looking for alternate ways to fund leisure activities, home-equity loans. As reported by Amy Hoak at MarketWatch, a Discover Home Equity Loan survey found that more than half of US Homeowners between 30-34 have used a home equity loan for vacations:
Borrowing against a home can be a less expensive way to attain funds than credit cards. The average interest rate on a home-equity loan was 4.88% for the week ending Aug. 17, according to Bankrate.com; the average rate on a home-equity line of credit was 4.75%. The average credit-card rate was 16.1%. Interest on home-equity loans is also tax deductible, said TJ Freeborn, spokeswoman for Discover Home Equity Loans.
The survey also found that homeowners in that age range were the most likely to view their home as an investment property. Millennials are using their loan money for more than just vacations, so click on the link below to read the full story over at MarketWatch.