Over the past few years many Americans have established lines of
credit secured by the equity in their homes. For marginal borrowers
this can turn out to be highly risky as it exposes these families to
the loss of their homes. Lenders tend to quickly change colors from
friend to foe in times of financial crisis and need and will "take
it away if you can't pay".
Prior to mortgaging or refinancing a home one should consider what
the families finances would look like if one or more of the family
members living in the home lost their job or came down with a
serious illness.
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