Home Equity Loans

I’m Miriam Neff with Wise Women Managing Money, and I’m Valerie Neff Hogan.

M When financial conditions are shaking, and inflation is rising, it’s tempting to draw out money from the equity of our home. Bad idea.

V You are putting your housing at risk if you cannot pay that loan.  The solution.  Shrink your spending.  We know, it’s hard.  Can you drive less, cook at home more?  Oatmeal is a good source of protein. Moderate energy use. Shop at a thrift store.  

Those commercials telling you to pull home equity are compelling.  College for children, a vacation you deserve, a really cool car; push the pause button.  Think long term. 

M Much of what I think is necessary today, did not exist when I was younger. Resist temptation.  Do not borrow against your home.