Be Cautious When Using Your Nest Egg as an ATM
About five years ago I moved from the ranks of being a renter to that of being a homeowner. Now, not a week goes by that I dont receive some type of offer through the mail encouraging me to refinance my mortgage, open a home equity line of credit (HELOC), or apply for a home equity loan.
Payoff High Interest Credit Card Debt! Lower Your Monthly Payments! Buy A New Car! Refinance And Get Money Now! scream the slogans splashed across the envelopes.
The promotional letters inside point out how easy it will be for me to get the extra cash you need NOW! They promise no out of pocket costs with a newly refinanced 30-year loan.
Could I use some extra cash NOW? You bet I could! Who needs high interest credit card debt? Not me, no way, no how! Buy a new car? Hmmm, I like that new Pontiac G6 Ive seen on tv, maybe in a sleek titanium color with black trim?
For thousands of U.S. households Home Sweet Home is rapidly being replaced with a new sentiment – Home Sweet ATM. According to the latest Federal Reserve study, 45% of homeowners who have refinanced their mortgages pulled cash out and 74%...
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