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A home equity line of credit (often called HELOC and pronounced HEE-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his/her house. Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and choose not to use them for day-to-day expenses. HELOC abuse helped cause the so-called subprime mortgage crisis. From Wikipedia under the
GNU Free Documentation License  garvfinancial.com 592px x 500px | 292.50kB [source page] Gaurav Bhola MSM on December 5 2008 In the real estate boom times home equity lines of credit HELOC were as accessible as air It seemed as if every homeowner had a equity line It was not uncommon for consumers to open  kissmart.com 375px x 500px | 38.50kB [source page] emergencymoney Page 4 => The biggest mistake people make when they meet a financial crisis Page 5 => When to take out a home equity line of credit and what to look out for when you do Page 5 => From Yahoo Image Search: "Home equity line of credit"  caregiving.com Ann ue, 22 Dec 2009 13:20:06 GM The MetLife study on . home equity. and reverse mortgages, produced in conjunction with the National Council on Aging (NCOA), found that 35% of older Americans see their homes not just as secure places to live, but also as collateral for a loan. ... the cash will be available immediately, in equal monthly payments for a fixed number of months (or for as long as one borrower lives in the home), as a . line of credit. to draw funds as needed, or any combination of these options. ...  topmortgageoriginator.com topmortgageoriginator Mon, 21 Dec 2009 06:15:38 GM Home equity. credit can be very intriguing, if presented right. A . home equity. piece of credit also counts as a tax write off, for people interested in that. A . home equity line of credit. is a second mortgage basically, this is what most ...  profitedition.com Jackie Smith Fri, 11 Dec 2009 02:58:57 GM A number of years ago, banks introduced homeowners to a new product called ". home equity. loans". This gave people the opportunity to cash out the value they had in their property and spend it for a variety of things. ... From Google Blog Search: "Home equity line of credit"  subprimeblogger.com Thu, 24 Jun 2010 12:19:21 GMT+00:00 Loan ... Subprime Blogger (blog) You will need a very impressive credit score, about 740. You will also need to have equity in your home if you are looking to refinance. ... seven reasons to refinance Stock Markets Review Fixed-rate mortgage grows more appealing Bankrate.com Mortgage Rates Near Historic Lows: 30 Year Mortgage Rates at 4.76%, 15 Year ... MonitorBankRates.com Live-PR.com (press release) - Live-PR.com (press release)  leagle.com Thu, 24 Jun 2010 12:06:45 GMT+00:00 Leagle.com In order to help finance the auto businesses, in 2005, Ms. Harris' mother, Diane Gustafson, established a line of credit at People's Bank based upon an oral ...  blogs.wsj.com Fri, 11 Jun 2010 14:45:06 GMT+00:00 Wall Street Journal (blog) Housing starts and new home sales probably sank noticeably after the tax credit expired on April 30 (existing home sales may have one more blaze of glory, ... Rough Retail Sales Report Zacks.com From Google News Search: "Home equity line of credit" home equity line of credit for cosmetic surgery? Q. I want implants and I don't want to wait for them any longer. I don't want to get a credit card or anything because I have two I am trying to pay off. Would it be foolish to take a home equity line of credit? I should have about $50 grand in equity, I'd only need about $6000. Asked by southern belle - Thu Jul 2 11:47:39 2009 - - 10 Answers - 0 Comments A. If that's not a reason to borrow gobs of money in a volatile economy, I don't know what is. Answered by Ricardo Montalban's Ballsack - Thu Jul 2 11:55:12 2009 Should we wipe out savings or go with home equity line of credit to finance home improvements? Q. My husband and I are debating how to finance some home improvement projects. He says use savings, I say use a line of credit(repay within two years hopefully) I am afraid if we use savings we will never replace it. He doesn't want debt. Any opinions? Asked by boots - Wed May 7 23:29:48 2008 - - 5 Answers - 0 Comments A. If you got the equity then go with the HELOC. If the home improvements are going to increase the value of your home then it's a no brainer. As long as you're not going to buy a car or take a vacation with it. Leave your savings alone. ...OR say you can get a HELOC @ 6% APR. Then the money in your savings account that you would have spent on your house - put that money in a CD (or some other investment vehicle) that earns 6% interest and then you're pretty much getting your home improvements for free. If you got 6% going out then see if you can get at least 6% coming in... and then you'll make that much more when you sell the house because you didn't really pay much for the improvements. Answered by fooligan - Thu May 8 06:58:15 2008 How can I find the best interest rates for a home equity credit line?
Q. How can I find the best interest rates for a home equity credit line? Asked by SurfsUp - Sat Mar 1 21:55:05 2008 - - 2 Answers - 0 Comments A. Information and resources on how to obtain low interest rates or lower your current interest rates on Home, Auto, Credit Card, and Student Loans can be found on the following website: ___ Answered by oncameratalent - Sat Mar 1 21:57:33 2008 From Yahoo Answer Search: "Home equity line of credit"
See also:
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Center for Retirement Research
Flexible Retirement Planner
RetirementPlanner.org