Season 5 · Episode 231
231 – Think Twice Before You Get a Home Equity Line of Credit
Debt Free in 30 · Doug Hoyes
February 2, 201933m 29s
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Show Notes
A home equity line of credit (HELOC) is a loan secured by the equity in your house. A HELOC is often presented as a great borrowing tool because unlike with credit cards or unsecured loans, you have access to a large amount of revolving cash at a lower interest rate.
But what you probably don't know is that your bank can change the borrowing terms on your HELOC whenever they want. I talk with Scott Terrio and he shares why you need to think twice before signing up for a home equity line of credit.