Using cashout refi money for living expenses

[Alex Silang]

I often see this as a nono. Of course, tons of people like to use their cashout refinance money for a new car or a big home renovation.

What about using cashout refi money to pay for everyday living expenses? You'd have other income and let's say it wouldn't be anything extravagant. But could you count on it? I've seen recommendations to refinance every 5 years. 

What are your thoughts on this?