You would think that a person, who is planning to enjoy his/her retirement, would ensure that all their debts are paid off especially mortgage loans so their house really belongs to them. Well, research shows that instead of building a nest egg for retirement, a growing number of homeowners are putting themselves in a debt trap – by cashing in on their homes’ equity. Contracostatimes.com reports:
"People are making the mistake of thinking they live inside a big piggy bank," said Libby Mihalka, president of Altamont Capital. "They don't realize it can all snowball out of control very quickly. Their house is not an ATM."
Read more: More use homes as main asset
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