Home equity loans
April 28, 2022
I’m Miriam Neff with Wise Women Managing Money-and I’m Valerie Neff Hogan
M When financial conditions are shaking, and inflation is rising, its tempting to draw out money from the equity in our home. Bad idea.
V You are putting your housing at risk if you cannot pay that loan. The solution. Shrink your spending. We know, its hard. Drive less, cook at home more. Oatmeal is a good source of protein. Moderate energy use. Shop at a thrift store.
Pulling money out of home equity sounds compelling. College for our children, a vacation you deserve. A really cool car. Push the pause button. Think long term.
M Much of what I think is necessary today, did not exist when I was younger. Resisit temptation. Do not borrow against your home.