@BrickBack - I know there are a lot of people out there that probably wished they hadn’t pulled out equity from their home.
I know that some people do pull out equity from their homes when they retire in the form of a reverse mortgage. A reverse mortgage allows the bank to give the homeowner a fixed payment every month as long as they live in the home.
You have to be a certain age and there are a lot of fees associated with this type of arrangement. I know that there are some financial advisors that really don’t like reverse mortgages because they say that the fees are really too high and it is not worth it.
I guess if you are retired and really need income this can be an option, but you really have to read the fine print carefully. I read that the heirs have to pay back all of the money borrowed including all of the fees for the reverse mortgage before they can claim the home.