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People in California are starting to use their homes as piggy banks

The surge is home values in California is prompting a growing number of homeowners to treat their properties like piggy banks and draw cash out of their homes. They are using the equity on their homes to access credit products that take advantage of the higher value, according to a September report from the California Credit Union League. For instance, the league observed a rise in the number of people getting Home Equity Lines of Credit (HELOCs) — an extra credit line that uses the homeowner's property as collateral in case they are unable to pay.
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