When my chiid begins college in 2 years we should be out of debt but our home equity should be about 5k. We've earned just a little over paycheck to paycheck income over the years. Example, if our home is worth 100k, and we have 5k equity, will they want us to take out a mortgage on that little 5k, or does the Gov't expect us to do a 2nd mortgage when we reach what percentage of equity in the home, assuming no debt?
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