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Trusted Contributor
OnlyShopsOnline
Posts: 1,628
Registered: ‎03-09-2010

Re: Home Equity

‎03-22-2015 12:48 AM

Unless it was for an emergency of some sort, I wouldn't take a home equity loan without the funds to back it up. If you default, they will come after your house much more quickly than if you have issues paying your standard mortgage.

We took one a few years ago. The interest rate was 3.5%, and we get back 30% of that in tax savings. So, that's pretty cheap money. And, our invested money earned more than that over the past few years. We used it for home improvements. And, we did have the invested funds, so there was no fear of losing our home in case of some unexpected "event."

"I've been here since October 2006. Wow!"
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