Drawing on your home's equity can be a great way to give your kids a financial boost. But don't forget your own future needs.
• Downsizing or using home equity for retirement
There are many ways to use the value you've built up in your home to improve your finances during retirement.
• A less expensive vacation home
House-swapping clubs could be your ticket to a bargain holiday in a home-away-from-home.
• Reverse mortgages
If you are 62 or older and short of cash, a reverse mortgage can help you stay in your home and meet your expenses.
• Do your homework before paying for college - The Star-Ledger - NJ.com
Do your homework before paying for college
The Star-Ledger - NJ.com, NJ - 1 hour ago
Tapping your home equity to pay for your kids' education is a reasonable move only if you've exhausted all other possibilities. Make sure your kids max out ...
• 401k program not a good idea - North Lake Tahoe Bonanza
401k program not a good idea
North Lake Tahoe Bonanza, NV - 1 hour ago
It should only be done if all other sources of ?cash? are unavailable, eg, a home equity line or a whole life insurance loan, to name a couple. ...
• One man's relentless fight for his home - The Star-Ledger - NJ.com
One man's relentless fight for his home
The Star-Ledger - NJ.com, NJ - 3 hours ago
Instead, the so-called foreclosure specialist stripped the home of equity, had someone take the deed and borrow as much as possible against the value of the ...
• SUSAN TOMPOR $4 gas is forcing late car payments - Detroit Free Press
SUSAN TOMPOR $4 gas is forcing late car payments
Detroit Free Press, United States - 5 hours ago
Late payments on home-equity lines of credit hit an 11-year high in the first quarter, according to the American Bankers Association. ...
• Banks narrow home equity withdrawals (Orange County Register)
Borrowers scramble to find other funds as lenders cut loan amounts for home equity lines of credit.
• Home-equity-loan Delinquencies Hit Record High In ABA Data (Fox News)
Home-equity-loan Delinquencies Hit Record High In ABA Data
• The Home-Equity Door Slams Shut (Washington Post)
Some 122,000 borrowers with Countrywide home-equity lines of credit, or HELOCs, received letters in January informing them that they could no longer withdraw funds from their lines. A few months later, thousands of customers of other major lenders -- including Bank of America, J.P. Morgan Chase, ...
The delinquency rate on home-equity lines of credit rose to its highest in more than a decade during the first quarter, the American Bankers Association said this week.