I keep on reading about HELOCs and as someone with less than two years to my planned retirement the recommendation to apply for a HELOC while I am still working spurred an investigation into the process and the costs. We have a rather fiscally conservative lifestyle, mortgage long-retired, and have not paid interest in years. But we are planning a series of incremental home improvements and having access to additional funds as needed would be a plus. The HELOC closing costs seem to range between $2,000 and $5,000. This seems like a lot of money to have something ready “just in case”. Are my numbers incorrect?
Comments:
I keep on reading about HELOCs and as someone with less than two years to my planned retirement the recommendation to apply for a HELOC while I am still working spurred an investigation into the process and the costs. We have a rather fiscally conservative lifestyle, mortgage long-retired, and have not paid interest in years. But we are planning a series of incremental home improvements and having access to additional funds as needed would be a plus. The HELOC closing costs seem to range between $2,000 and $5,000. This seems like a lot of money to have something ready “just in case”. Are my numbers incorrect?
Post: Lining Up Money
Link to comment from November 4, 2021