By Terry Savage on July 09, 2018 | Housing / Real Estate

I am a retired police officer who had a heloc with bank America and closed in a trust (CTLTC )paid same off .applied for a 2nd heloc same trust and was denied. have no bills own condo out right c.c paid in full monthly own car outright cannot quite understand other than I’m a senior citizen dob 12 13 44 any thoughts they did it before but not now

Terry Says

I think you’re actually lucky! They are saving you from yourself! Why do you need a HELOC at this stage of life? If you draw on it, it will be expensive — and rates are going up. The likely reason you are turned down is because of your current income, and their projections of your ability to repay. But this is the time of life — age 73 if my math is correct — that you should be trying to live off retirement assets, or part-time work. It is not the time to be taking on more debt! Sorry if this is not the answer you requested or expected — but it is the Savage Truth!



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