Homeowner?
Are you a homeowner who owns your personal home FREE AND CLEAR? If you’re like many of us you grew up thinking that the main goal and dream as an adult is to “PAY OFF MY MORTGAGE”. Now this may be a huge and self gratifying accomplishment its not necessarily the smartest thing to do. Unfortunately in this day in age there are many bad people out there just waiting to get something without working for it so they look for any reason to SUE someone and many times, with the right lawyer, they are successful and can put someone in a situation to possibly lose their home. Very sad.
If you are one of these people who own their home outright then you should look into a Home Equity Line of Credit, HELOC. This will do two things for you, it will actually tie a lien to your property so that its not free and clear or “up for grabs” and it will also give you a line of credit in case of an emergency situation. Interests rates are slowly going up so its a good way to lock up a low rate for the next 10-15 years. Now i am not a banker Nor am i NOT in any way associated with anyone who is in financing so I cant answer any questions cause i’m in the process of doing this myself, I am strictly just sharing this info since I just learned it myself through a real estate workshop. This was worth gold to me personally. Thanks for reading and hope this helps someone.