What are the Pros and Cons of getting an Home Equity Loan???
Thursday, February 25, 2010 12:06
Posted in category 100 Home Equity Loan
My mom is thinking about getting a home equity loan on our house. We’ve had it for 20 yrs and bought it for 47,900…houses in the community are now selling for 100,000 plus. We’ve always had financial problems in the past and i don’t want this LOAN to set us back again…so should we do it? HELP
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newmexicorealestateforms says:
February 25th, 2010 at 12:07 pm
If you have had financial problems in the past I would think twice about it. I would concentrate on getting the problems that caused the financial problems in the past fixed.
Fixing your debt problems information from the US Government
http://www.ftc.gov/bcp/conline/pubs/credit/kneedeep.htm
If your mom is old enough she might want to look at a reverse mortgage instead.
Best of luck to you and your family.
afriendinflorida says:
February 25th, 2010 at 12:07 pm
a home equity loan is not bad is you do not mind the higher interest rate verses a renance loan. email me the scenario and how i can get in touch with and i will give you some insight.
i am a mortgage broker. my email is myrnabr@yahoo.com and the company i work for is signaturehl.com.
GCS57 says:
February 25th, 2010 at 12:07 pm
Well it is not your house so you don’t have a lotwsayBut if you have Had money problems the Home Equity won’t fix it it will probably make it worse. Most people get hem to help them with there finances and it only puts them future in debt. They pay Credit cards and car loans that they only either run credit card back up and well car loans a for ever that way I think the best advice is to see someone that can give you sound finacial advice. And that is not a banker.
godged says:
February 25th, 2010 at 12:07 pm
A HELOC may not be the way to go. Mom may want to look into refinancing her house, she can probably get a loan up to 100% of the appraised value at an attractive rate, depending on the credit scores.
If you’ve always had credit problems in the past, having access to a significant amount of money by the way of a HELOC or a refinance may cause wanton spending, which will just make the problem worse. Until the spending habits are improved, all the creative financing ideas in the world won’t change a thing. It just makes the problem larger.
Best wishes to you.
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