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That value increase is theoretical, not cash in the bank.

People sometimes need cash in the bank.

Sometimes theoretical is fine.

And since it takes awhile for a buyer to turn the theoretical value into cash (and risk, and work), the theoretical value is also going to be lower than you might think.

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If the value increases the owner should be able to tap into that equity by doing a cash-out refinance.

Not if they don't have income.

They could do a reverse mortgage, but a lot of people are adverse to those for their own reasons.

Or just selling their home.

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