I have a home with a 45% loan to value ratio. Roughly 380k in equity. I have a 60k heloc at 4.5% open with no balance as a backup measure in case the economy tanks and I need to have access to cash. My concern here with the economy crashing is what happened in 2010 when the banks reduced my previous heloc to the balance owed and left me no room to leverage in time of need. Ended up having to short sale because my income and equity disappeared within a couple of months. I’m curious if I should hedge my bet and cash out some equity to just hold in reserves. I have no other consumer debt.
Submitted March 19, 2020 at 10:32PM by Tapir_boner https://ift.tt/2x7IAf8
