Pools must be a good place for these types of conversations.
Last month heard a friend chatting about their HELOC at a pool party. I figured they’d be in great shape since they’d bought back in ’98 in a really good area, but not so much. They’d done the HELOC thing to buy cars, trips, etc. and were now using it to pay their mortgage payments. Had almost no equity left in the house and were concerned because home values were slipping. He was talking about doing a re-fi to lump everything into a new 40 year mortgage while he could still get it appraised for around 700K!
