@eddymvp wrote:
The idea of taking one of this came up to me this morning. Is this a good idea to take a Home Equity loan?
You'll get different opinions about this. I had a HEL a few years ago but that was before I came here and realized that putting your house up for collateral is probably not the best thing to do. I'll only say that I'll try not to go that route again
In a worst case scenario if someone defaults on revolving debt they will still have a place to live but defaulting on a HEL could be much devestating. I'm not at all saying this would ever happen to you but you need to keep that possibility in mind.
But if someone decides to get a HEL I can't and won't judge them for doing so. We all have to make decisions that we feel are best.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
