As the nation tries to figure out how to pay the bills and what they can cut back on, there exists a looming temptation. “I have this great house that I pay all sorts of money for, perhaps it can help me pay off some debt and stop this newly acquired ulcer from hurting so much?”
Nope.
The 3 Reasons to take money against your house:
1. Buy another house
2. Complete home repairs that increase the value of your house (These repairs should increase the value of your house by at least the amount that you borrowed.)
3. Major medical emergency (This is not a broken arm it is a debilitating something, something that makes you incapable of attaining income, something that your insurance does not cover in its entirety.)
Do not let the term of your loan outlast the lifetime of what you used the loan money to pay for!
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