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Reply to "Help me explain this to my husband"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Your house should never be collateral for anything other than a mortgage. [/quote] But this is, in effect, a mortgage. If the money is used to renovate the house, it will increase the home's value and marketability. They will have a $100k mortgage on a million dollar house vs. owning a $900k house free and clear. They'll pay interest, but otherwise, it's a wash. It's not like they're blowing it on a vacation or even a depreciating asset like a car. [/quote] This was in response to the people who use a Heloc to buy cars. [/quote]
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