HELOC

By Terry Savage on January 21, 2023 | Housing / Real Estate

I have a $53,300.00 HELOC. I have no debt. My townhouse is worth about $250,000. I am 76 year old widow on a fixed income. I have no plans to sell. I use to add $100 to my interest payment but don’t since the rate has increased. Is there anything I can do with this? Maybe a mortgage? Would the rate be lower?
Thank you,

Terry Says

Sad news in this response: If you are not working, you probably won’t be able to get a mortgage! And rates are too high anyway. So the best thing you can do is pay down your loan as soon as possible.
And I’m hoping –fingers crossed –that by a year from now those rates will have dropped.

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