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Reply to "Any reason to have a HELOC?"
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[quote=Anonymous][quote=Anonymous]I'll bite. Once we got LTV on mortgage below 50% we got a HELOC and used it to pay off mortgage. So now we have only HELOC. Rate is lower than our mortgage was and we deposit paychecks directly into HELOC and pay expenses out of HELOC. HELOC is down to about 50k since we started doing this. We keep no cash on hand. The HELOC is our emergency fund. [/quote] Heloc are rarely less expensive unless you were paying too much for your 1st mortgage. [/quote]
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