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Homeowners Returning to HELOCs in Record Numbers
It seems the collective memory of many Americans is short in the wake of the housing and economic crisis. How so? The Wall Street Journal recently reported that more homeowners are once again tapping into their home equity. As home values recover and interest rates remain artificially low many are beginning to take out HELOCs or Home Equity Lines of Credit to fund home renovations, pay off higher interest rate debts or cover other expenses. This strategy may work well for younger borrowers with sufficient and stable income but not for senior homeowners who are on a fixed income. Why the shift? First the appetite for home equity remains in the market. Second, lenders seeking to increase their sales volume are providing what the…
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