after my son got divorced and accumulated massive debt he moved back home and we let him use the equity in our home to take a mortgage and roll his car, credit card debt, student loans etc into one payment. He has paid down about half and talking a refi, I asked when he will pay off and he insisted it was better for his credit to keep borrowing against the home. I think he intends to use the equity as his personal piggy bank every eight years myself. Is this a bad idea?
Read more: Keeping house under a mortgage?
