home equity: How Credit Cards May Be Replacing Home Equity As A Funding Source - 08/29/07 12:40 PM
As mortgage guidelines loosened between 2002 and 2006, homeowners often used their home equity to retire credit card and other consumer debt. They did this by increasing the size of the mortgage and taking "cash out" from their home. As you'd expect, this type of mortgage transaction is called a "cash … (4 comments)
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Ilyce N. Powell, CMPS™ - Certified Mortgage Planning Specialist
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As mortgage guidelines loosened between 2002 and 2006, homeowners often used their home equity to retire credit card and other consumer debt. They did this by increasing the size of the mortgage and taking "cash out" from their home.
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