When home prices went way up a few years ago, not everybody cashed out all of their home equity for a big spending spree. Some homeowners lived prudently within their financial means, and did not bet the farm on the premise that home appreciation gains would continue indefinitely.
A general feeling of financial empowerment seems to take over, as home owners tapped into a virtual piggy bank of home equity to fund all types of things, including, extravagant home remodeling projects, expensive home furnishings, swimming pools, luxurious vacations, second homes, and a variety of other miscellaneous expenses.
Many of us were living the high life, ignoring the possibility of our balloon becoming deflated, and risking our financial futures instead of seeing the wisdom of our more prudent neighbors. Now, that the housing market dust is settling, it is the prudent ones who still have the choice of taking advantage of low home equity loan rates and wisely use their equity if need be.
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