Should You Tap Into Your Home Equity?

A modern two-story beige home with a clean front lawn and well-maintained landscaping, overlaid with a white bar graph and a gold upward arrow symbolizing rising home equity and property value in the current housing market; ideal visual for a blog about tapping into home equity or using a HELOC in North Carolina.

Right now, American homeowners are sitting on a record-breaking $11.5 trillion in tappable equity. That’s wealth you can access without selling your home and still keep a 20% cushion in place.

With HELOC (home equity line of credit) interest rates dropping, this might be the most affordable time in years to tap into your home’s value. But the real question is: Should you?

Let’s unpack what this means for homeowners in the Triangle, how HELOCs work, and whether using your equity makes sense right now.

Homeowners Are Sitting on Massive Equity

According to ICE Mortgage Technology’s June 2025 Mortgage Monitor:

  • U.S. homeowners hold $17.6 trillion in total equity

  • $11.5 trillion of that is tappable, meaning it’s available to borrow while keeping 20% equity intact

  • The average homeowner has $212,000 in tappable equity

  • 48 million mortgage holders now have access to that equity

Despite these record highs, most people haven’t tapped into their equity. In Q1 of 2025, only 0.41% of available tappable equity was accessed—far below historical norms.

Borrowing Just Got Cheaper

Here’s where it gets interesting: borrowing against your home just got a lot more affordable.

HELOC rates have dropped by 2.5 percentage points in recent months, now sitting below 7.5%, and potentially heading lower if the Fed follows through with anticipated rate cuts later this year.

To put that into perspective:

  • In early 2024, a $50,000 HELOC averaged $412/month

  • As of mid-2025, that same loan costs just $311/month

That’s over $100 a month in savings, just by waiting for rates to drop.

Why Homeowners Are Taking a Second Look at HELOCs

With rates easing and equity levels high, more homeowners in Raleigh, Durham, Cary, and beyond are asking: How can I put my home’s value to work?

Here are a few smart ways homeowners are using HELOCs in North Carolina right now:

  • Home upgrades that add value – Use equity to fund a kitchen remodel, bathroom update, or outdoor living space.

  • Debt consolidation – Roll high-interest credit cards or personal loans into a single lower-interest payment.

  • Strategic investments – Whether it’s funding a business, buying a second home, or covering education costs, equity can help you build long-term wealth.

  • Emergency buffer – HELOCs act as a safety net, giving you access to funds if life throws you a curveball.

Should You Tap Into Your Equity Now—or Wait?

Before borrowing against your home, ask yourself:

  • Do I have a clear purpose for the funds?

  • Can I handle the monthly payments if rates adjust?

  • Do I want to access cash without selling or refinancing my low-rate mortgage?

If the answer is yes to all three, using your home equity might be a smart financial move especially with borrowing costs on the decline.

Let’s Talk About Your Options

Curious how much equity you’ve built up or whether a HELOC makes sense for your financial goals?

I’d be happy to help you:

  • Understand your current home value

  • Run the numbers based on your situation

  • Connect you with trusted local lenders in the Triangle

Reach out to me directly at any time. Whether you’re exploring your options or ready to move forward, I’m here to help you make smart, informed decisions about your home.

Thanks for reading!

Brandon Yopp