Hello again and thank you for stopping by!
Today, I wanted to share my views on using your home as an Automated Teller Machine. Over the past decade, more and more families have been pulling equity out of their home in order to make purchases and investments. While there are many view points on this subject, I thought that I would take the time to add mine to the debate.
There are good reasons and poor reasons to pull money out of your home. Let's start with a few of the poor reasons:
POOR REASONS TO PULL MONEY OUT OF YOUR HOME
The purchase of a depreciating asset such as:
• An automobile
• A boat
• A vacation
• A video console
GOOD REASONS TO PULL MONEY OUT OF YOUR HOME
The purchase of an appreciating asset or investment such as:
• A down payment on an investment property
• Home upgrades which significantly increase value
• Separating equity from your property for emergencies (HELOC)
• Investments which have a higher yield than your mortgage note
Of course, the above is a very limited and brief list. The items in each category could go on and on forever. However, the gist of this blog is to provide a brief explanation of good and poor reasons to pull equity from your home. While I'm sure we can all justify our decisions, please take a realistic look at the pros and cons of pulling money from your property before acting on your "I've got to have it!" feeling.
Feel free to contact me if you have specific questions or would like a further explanation.
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