Any reason to have a HELOC?
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Anonymous
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If you aren't planning renovations, is there a reason to keep it?
Isn't it just temptation? Why would anyone need access to several hundred thousand? |
Anonymous
| Because unexpected things happen in life. |
Anonymous
| To make bail? |
Anonymous
I understand maybe up to $50 000. But is more necessary? |
Anonymous
| They like being in debt. |
Anonymous
Why not? If you don't need it and are responsible, no issues. But expensive shit happens . . . |
Anonymous
Ok, like what? |
Anonymous
|
Tuition for spring semester is due before Dec bonus hits
Need new roof NOW (major leak) Unexpected medical expenses Once in a life time opportunity arrises |
Anonymous
Shouldn't savings be in place so you don't have to use the HELOC? |
Anonymous
Should and Are are two different things |
Anonymous
| Maybe you lose your job and can't find one for another year or two and you need money to live off of, but no one will give you a loan since you don't have a job. |
Anonymous
This is real life for me. |
Anonymous
| House = ATM. It's not about a new roof, it's about a new SUV. |
Anonymous
Huh. More like food on the table, medicine for kid. |
Anonymous
| It can act as an emergency fund if needed. Or it can provide quick liquidity for major expenses. Ours didn't have any closing costs, so why not get one? |