Heloc
Hi, Terry!
I’m 56 years old. I owe a little under 200,000 on my house, which is worth roughly 400,000. I’m curious if it’s a good idea to take out a HELOC. I have my last kid entering college in a couple of weeks. The HELOC would be used for emergency funding and possibly purchase of a business worth $18,000. I’m just not sure if this would be a good idea for me. Anything would be a great help. Thank you!
Terry Says
I’m aways against borrowing on your home, because the rates are too high — and because most people don’t understand the terms, which typically include a “balloon” payment in about 5 years.
Find other ways to finance tuition — and that child entering college should have completed the FAFSA student loan form long ago.
Paying $18,000 to buy yourself a job is not a good idea!
