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?

[Ned Carey]

@Alex Silang  
            I've seen recommendations to refinance every 5 years.

What if interest rates go up, or rents and home prices go down? How are you going to refinance? Ask yourself this, do you want to be a slave to your debt? That is what will happen if you keep refinancing just for living expenses.