In the past year Amercians hit almost $3 trillion in refinances and extracted over $150 billion dollars from the value of their home—more than any year since the 2008 mortgage crisis. Record low mortgage rates and sky high valuations maximized the opportunity for home owners to cash out, but it’s not without risk.
Danielle DiMartino Booth, CEO of Quill Intelligence, compared cash-outs to using your home like an ATM. NTD asked her why she thinks it’s a problem.
