(Part 3 in a series of articles about home ownership)
Your home could be your most versatile and valuable financial asset. Here in the third in a series of articles from the Financial Planning Association® (FPA®) about home ownership, we offer advice on how to put that asset to work for you.
Owning a home provides you with much more than a roof over your head. Your home is a versatile asset, a kind of financial Swiss Army knife that can be used to help fund a college education or to pay down an onerous credit card debt, for example, or to provide a steady income stream, or as an investment that adds diversity, growth potential and tangibility to an asset portfolio.
“I think it’s important that people [who own a home] consider using it as an asset,” says FPA member and CERTIFIED FINANCIAL PLANNER™ (CFP®) professional Dennis R. Nolte of Seacoast Investment Services in Oviedo, Fla.
Here are several ways to tap the value of that asset: