This financial market is funny, maybe not a good word, how about quirky? At any rate, it is odd, quirky, funny, use your own adjective to describe it.
We get in trouble with imaginative loans, spend 6 years working through the mess that it caused, tighten credit lending criteria in hopes that it doesn't get out of hand again....and...yep, people are pulling money out of their homes for other expenses.
Well, I'm okay with that.....as long as (1) you can pay it back ~ easily, and (2) it doesn't get out of control when home prices are at astronomical values.
I'd love to pull a HELOC out of my residence to pay down my underwater home that I had to turn into a rental to pay the mortgage. But, not gonna, no way, no how.
Am I a chicken or a scaredy cat?
Ask my financial guy ~ I'm not a risk taker that's for sure!