|
As a word of caution, I would not use home equity for anything other than further investing. In my case, I used a Home Equity loan for the down payment on a rental home. There are plenty of people and advertisers out there that talk about using home equity to consolidate loans, pay off debt or buy big ticket items. While this is all well and good, remember that you're putting up your house as collateral and if anything goes wrong with paying the HELOC back your home is in jeopardy. Leading up to the home mortgage crisis a lot of people saw the value of their house increase tremendously, took out Home Equity loans to buy dumb stuff and ended up in a whole world of trouble (if not completely losing their home) when they suddenly couldn't afford the payments. It's unlikely that we'll see such a collapse again anytime soon but just be very, very careful on how you spend that money. Using your home equity like a savings account is not as safe as some would make it out to be.
|
#
¿
Feb 11, 2017 14:50
|
|
|
|
| # ¿ May 4, 2024 11:16 |
|