Remember when our grandparents bought a house and they paid for everything in cash. I remember if they had equity built up in their home, the equity remained until they sold the house. Once they sold the house, they received that money. However, today people are using their home as if it is a bank. Time to go and make a withdrawal, people are using their homes to get out of debt. We are living in that “microwave society,” we want everything now. There was an article that said one person had refinanced his home seven times in six years, each time at a higher level of debt. What is the purpose of that if you can no longer enjoy your home? They adding to their debt instead of reducing it. Do you think you should not take a home equity loan or line on your home for any reason?
