I have a fully paid off primary residence. A lot of advise from friends and even here is to get a HELOC. After all you never know what can happen.
I’m scared of them because in my state a primary residence is exempt from all creditors and BK. I try to keep 10k in the bank but if I ever had a true emergency I’d rather take a signature loan at 7% (790 FICO) than risk my home with a HELOC. If I don’t pay a HELOC my house is sold dirt cheap at auction. If I don’t pay a personal loan my credit gets trashed and I negotiate. I do have a portfolio worth going after though (100kish) and I don’t plan on not paying my debt so a personal loan is more expensive.
So what’s your take? Should I get the HELOC? I’d rather not be tempted not that I plan on spending it on dumb shit. I pretend it doesn’t even exist
Submitted May 28, 2018 at 08:39AM by Happy_Garbage https://ift.tt/2IRfBRZ
