American homeowners are sitting on $17 trillion in equity. The average mortgaged borrower holds $295,000. By any historical standard, these are people with options.

And yet, when a $14,000 roof replacement or HVAC failure hits, a growing share of them won’t tap a single dollar of that equity. Borrowers who locked in rates below 4% during the pandemic are treating those mortgages like untouchable assets. They see a home equity line of credit (HELOC) market above 7%, variable and unpredictable, and they refuse the exposure.

They won’t drain cash reserves either. Three years of inflation, rising details ⇒

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