“Burned in 2008, Americans are refusing to tap their home equity”

Burned in 2008, Americans are refusing to tap their home equity,” by Gwen Everett and Shahien Nasiripour, Bloomberg

“Fallout from the housing bubble appears to have had a lasting effect on consumers’ willingness to keep using their homes as an ATM. Just 4% of households had an open home equity line in 2016, according to the Federal Reserve’s most recent comprehensive survey of households’ finances, a far cry from the 10% that annually borrowed against the equity in their homes during the 2000s.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Good news. Maybe there will be something left in the home equity balance to help when government stops paying for most expensive long-term care. Also, something left for people to protect with LTC insurance when it becomes clear they must have it or pay for their own LTC.