Another benefit is pulling out cash. If you now have a lot of equity in the home and want to use some of it, we can do what's called a cash-out refinance for you. In that scenario we can typically go to 80% of the value of your home. For example, if the home is worth, $400,000 we can do a new loan for $320,000. If you only owe $280,000 on the home then you can refinance and pull out that $40,000 in cash to do home projects, pay off debts or go to Vegas. There are no restrictions on what you do with the money. It's yours to do what you'd like.
Lastly, you can just leave the equity alone and not do anything. This will then sit until you eventually sell the home at which point you'll get the difference between what you owe on the home and what it's worth. A forced savings plan of sorts.