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Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL -cpabakem01@yahoo.com **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: http://www.blognetnews.com/accounting (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Friday, April 22, 2005

MORTGAGE RISK . . . With house prices still rapidly increasing in many areas of the country, more than a few new buyers and homeowners are stretching their limits on original and home equity loans. While prices could continue to rise, there's no guarantee. If you haven't been through a down cycle, you don't know what to expect. Some buyers in the late 80's didn't see the price recover till the mid-90's. Some buyers in the peak of the 70's and 80's walked away from the house rather than continue to make mortgage payments on a property that had shrunk over 15% in value. Your home is just that. It's not an unlimited source of equity. Don't mortgage your home to invest in stocks or other risky ventures. Using a home equity loan to consolidate and eliminate credit card debt does make sense--but only if you don't start spending on those cards anew.

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