HELOC
Got a heloc 10 yrs ago, current balance is 70.000 was thinking of redoing it, spoke to BOA and was told to take the full 125.000 pay the 70 and hold onto remaining cash for 4 months and then make a lump some payment. This will get me a better rate that will last for 9.5 years. But I don’t like the idea of making a huge payment for 4 months. Almost 1000.00. I don’t need $ for anything specific my husband has just retired and thought it would be nice to have in case. We have no outstanding debt of any kind. Thank you in advance, love when you are on wgn
Terry Says
Wait — I’m not quite sure I understand your question. Have you withdrawn money from your existing line of credit? If so, what is the current interest rate?
If it is more than you are earning with our money in the bank, and you have extra cash, then pay off the outstanding balance.
Don’t worry about having a home equity line of credit on your home in retirement. If you really need money out of your home, you’ll be in a good position to do a reverse mortgage at that point.
