The Cash-Cow Myth - Hartford Courant- Topic: Cash Pay
Some economists believe the home equity number will drop below 50 percent by the end of next year, marking the first time homeowners will owe more than they own since the Fed started recording the data in 1945. To satisfy that loan and to pay off her Ford Escort, she took out another home equity loan the next year, this time for $93,000. Thirty percent of the home equity loans issued in 2005 and 2006 left homeowners with less than 10 percent of equity in their homes, the MBA said. A home equity loan is another close-ended loan on top of a mortgage, whereas an equity line of credit is an open-ended loan. Find Out More
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