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Reply to "Any reason to have a HELOC?"
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[quote=Anonymous][quote=Anonymous]Very easy way to access a downpayment if you need to move and want to buy before you sell.[/quote] This is one of the ways we used ours. My brother who is a CPA/CFP had advised me to open one to have just in case. He said if I needed money for something I could access it without applying for a loan or being able to get a loan at a future date for some readon. Or perhaps you have your money tied up and don't want sell a stock or cash in a high-interest CD. We used it for a car loan that we knew we'd only have for a few months until we had some money available. Then when we were moving out of DC, we bought our new house out of the area before we sold our NoVA home. We used the HELOC as our downpayment. It worked out great for us. They may not be for everyone if you don't trust yourself to not use it as an ATM for thing you couldn't otherwise afford and don't need, but I'm very responsible with money and it served its purpose for us.[/quote]
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