Getting a HELOC to protect our home title?
Hello Terry,
My wife and I are 73 years old, own our home in Elmhurst, and have no debt. I think I heard on David Hochberg’s Saturday program that we should consider getting a HELOC to protect the title on our home so that someone doesn’t fraudulently get a loan on our home. I don’t know how much of a risk this is. Is this a good idea or should we consider something else to protect our home. We don’t need the availability of the cash that a HELOC would provide.
Thank you!
Terry Says
There are a lot of scare tactics going around these days, regarding people with full-paid homes, no mortgages, finding their title has been compromised. Having an outstanding loan, means that no one can re-mortgage your home without permission of that lender. So it theoretically provides some protection. Whether it’s a good idea or not, just depends on the cost of the HELOC — and your level of concern.
