FormerOwner, welcome! Regarding point #2, someone told me yesterday that his friend kept refinancing his house to pull out cash to pay the mortgage. The last time he took out $200K, and that would make his mortgage payments and pay other bills for 2 years. His plan: in 2 years, when his house is worth $1.5mil, do another cash-out refi.

Can you believe this spending plan?

How many people are living like this, depending on rising home equity to pay their mortgages!