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Why does nobody warn you that a cash out refi in your 60s feels totally different
My loan guy in Tampa told me last week that most folks pulling equity now are doing it to pay off credit cards instead of the home upgrades people did back in 2005, and I keep wondering if that shift says something about how we treat our homes these days.
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charliehill2d ago
Feels like people are reading way too much into this. Paying off credit cards with home equity has been a thing forever, it just makes the math work for some folks and that's it. My neighbor did it back in 2010, not because of some big shift in how we feel about houses, but because 22 percent card rates versus a 6 percent mortgage is a no brainer. A house is still a house, a place to live, and the guy doing a kitchen remodel and the guy killing his Visa bill are both just using the tool that's in front of them. Sometimes the boring answer is the right one.
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