Confusing Your House with an ATM Machine

by Gary Olson
(Naperville, Illinois USA)

Confusing Your House with an ATM Machine: I was a financial advisor for many years and I watched clients and potential clients use their house like ATM machines during the "good old days" a few years ago. I stressed over and over again how they were putting their families at risk and ruining their financial future.

Spring forward a couple of years and I am now a mortgage banker. The people that I knew that used the equity in their homes no longer own them and for the most part, have moved in with their parents or into an apartment if their credit score allowed them to. Their families (one of them had 5 children) are crammed into a much smaller space.

The worst part is that they did not lose their jobs and they were making good money and still are. They could have afforded the house and had a great life if they had lived within their means and put away a contingency fund for a rainy day.

I still get calls from them and they all wish that they had listened to me. It is unfortunate that I cannot do anything more for them except work with them to repair their credit rating---which is going to a long process.

Kate comments on confusing your house with an ATM Machine

Hi Gary, Your borrowers are lucky to have you and your advice.

Your name sounds familiar but I don't see you in the mortgage directory here on my website, List of Mortgage Companies. Please add your information so Readers who live in Illinois can find you.

Best Wishes,

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