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Taking a daily multivitamin does not help you live longer, study finds
Many adults take daily multivitamins in hopes of bettering their health. But a new study is calling their usefulness into question.
In the study, published in JAMA Network Open Wednesday, researchers analyzed data from nearly 400,000 healthy U.S. adults followed for more than 20 years and found no association between regular multivitamin use and lower risk of death.
The study was led by researchers from National Institutes of Health’s National Cancer Institute, who noted the participants studied were generally healthy, meaning more research is needed for populations with nutritional deficiencies.
“What we’re seeing is whether it’s death from cancer, from heart disease, from stroke, we’re not seeing a benefit from taking multivitamins,” Dr. Céline Gounder, CBS News medical contributor and editor-at-large for public health at KFF Health News, said of the study on “CBS Mornings” Thursday.
In general, it’s better to get vitamins from whole foods like fruits and vegetables, she added. But the potential benefits of taking a multivitamin also depend on the person.
“There are some people who are at risk for vitamin deficiencies, so people with chronic kidney disease, people who might not absorb vitamins because they’ve had bariatric surgery or because they have GI issues,” she said.
People who are pregnant, for example, should be taking a multivitamin with folate to prevent defects, Gounder said.
“There are certain populations where it makes sense, but not everybody,” she said.
In a statement to CBS News, the Council for Responsible Nutrition, a trade organization for vitamins, said the study fails to recognize the range of health benefits of multivitamin use.
Gounder noted the study looked only at risk of death, not other potential benefits.
“There is data, for example, that taking a multivitamin can reduce your cognitive decline as you get older, so your memory and so on. There’s also evidence, for example, macular degeneration, that you can head off with certain vitamins,” she explained. “So it depends on what you’re looking at. Are you looking at mortality, risk of death? Are you looking at certain other specific disease outcomes? I think that’s where, again, for certain populations, it may make sense to be taking a vitamin.”
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Homeowners looking to access a large sum of money in today’s economic climate don’t have to look too far to find it. By turning to their accumulated home equity, owners can potentially finance a major expense (or multiple major expenses) simply by using the money they already have via their home’s value.
While there are multiple ways to do this, many may be considering a traditional mortgage refinance or cash-out refinance. But in today’s unique and constantly changing interest rate climate, that could prove to be a costly mistake. Instead, right now, both home equity loans and home equity lines of credit (HELOCs) are arguably better than refinancing. Below, we’ll explain why.
Start by seeing what home equity loan interest rate you could qualify for here.
Why home equity loans are better than refinancing right now
Here are three reasons why a home equity loan may be more beneficial than a refinance now:
You’ll maintain your existing mortgage rate
The average home equity loan interest rate is 8.41% as of November 19, 2024, but the average mortgage refinance rate for a 30-year loan is 6.93%. So, on the surface, it appears that refinancing is cheaper. But that refinance rate will require you to exchange your current mortgage rate to get the new one.
That could be a costly mistake if you have a rate under 6.93%, as millions of Americans do right now. By applying for a home equity loan, however, you’ll still gain access to your equity, but you won’t need to bump your mortgage rate to get it. And if home equity loan rates drop in the future, as they have for most of 2024, you can simply refinance your loan to the better rate then.
Get started with a home equity loan online today.
You may qualify for a tax deduction
When you use a cash-out refinance, you apply for a loan larger than what you currently owe to your lender. You then use the former to pay off the latter and keep the difference as cash for yourself. Interest paid on mortgage loans is tax-deductible, but so is the interest on home equity loans if used for qualifying purposes. At that higher interest rate, you may qualify for a larger deduction (while still maintaining your current lower mortgage rate).
The average home equity amount is high right now
A combination of low mortgage interest rates during the pandemic, a drop in available inventory and a hesitation to sell now that rates are high again (amid other complex but interrelated factors) has caused the average home equity amount to soar to just under $330,000 right now. If you want to access that with a refinance, as noted, you’ll need to give up your current mortgage rate to do so. And if you want to access it via a credit card or personal loan, the restrictions will be significant. It makes sense, then, to take advantage by using a home equity loan or HELOC instead of taking a gamble with a refinance right now.
The bottom line
With mortgage refinance rates elevated, the unique feature of a potential tax deduction tied to home equity borrowing and a six-figure average equity sum available now, for many homeowners in need of financing it makes sense to skip a refinance for a home equity loan now. That said, this type of financing is tied to your most important financial asset so the decision to withdraw it from it should be carefully weighed against the risks. Consider speaking to a financial advisor or home equity lender who can answer any questions you may have before getting started.
Speak to a home equity loan lender now.
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