HELOC loan and retired

WHY DO YOU ALL ASSUME THAT A HELOC IS THE SECOND LOAN ON THE HOUSE. THE GOVERNMENT CONTINUES TO IGNORE THE MOST RESPONSIBLE PEOPLE, PEOPLE WHO ACTUALLY PAID OFF THEIR HOME AND THEN TOOK A HELOC OUT AND TEN YEARS LATER WHEN THEIR INCOME HAS DROPPED DUE TO RETIRING THEY CANNOT AFFORD THE HELOC RESET, BUT THEY HAVE NO OTHER MORTGAGE AND DON’T QUALIFY FOR THESE GOVERNMENT PROGRAMS. I JUST WANT TO SCREAM AT HOW THE GOVERNMENT CONTINUES TO IGNORE THOSE WHO HAVE BEEN RESPONSIBLE.

Terry Says:   That is a terrific point, and I must say that I jumped to the same assumption — that all HELOCs are second loans!  (Well, with all caps, you certainly screamed at me!)   But I can’t agree that it is “responsible” to take out a HELOC (even if it is your ONLY loan), pay only interest for 10 years, and do so knowing that you’d be retired when full principal payments start being required.