There are many people out there who should be living in homes that are paid off or close to paid off who have spent their equity. My mom is in her 60s and told that me that all of her friends have been taking money out of their houses (and spending it) and have advised her to do the same. I know of at least one couple in their 60s who took out an amount about equal to their yearly income to pay for their daughter’s stupidly expensive wedding. …Nothing like mortgaging your future for a six hour party.
