6 Deadly Sins of Home Equity PART 6

Real Estate Agent with Coldwell Banker Red Top Realty

5. To use in emergencies

Lenders and even some financial advisers recommend taking out a home equity loan while you're employed. That way, if you lose your job, you have cash on hand.

I can hear some of you saying, "Desperate times call for desperate measures." But listen to this: Using borrowed money to pay for everyday expenses is adding trouble on top of trouble.

How will you get by, you ask? You will. My grandmother, Big Mama, never made more than $13,000 a year as a nursing assistant. Yet she managed to raise five grandchildren and pay her bills-on time, all the time-without tapping into the equity in her home.

If you're living well now, put aside rainy-day funds. Then, if your situation changes, you won't have to rely on debt.


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
New Jersey Ocean County Little Egg Harbor
South Jersey
First Time Homebuyer
Coldwell Banker Platform for Sharing Information
CREN- Certified Real Estate Negotiators
new jersey
home equity
little egg harbor
ocean county

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Lorrie Miller

Ocean County NJ Real Esate
Ask me a question
Spam prevention