Has anyone gotten a home equity line of credit fairly recently?
Can you explain to me how it works?
We bought a new house for cash that is supposed to close on August 6th. Unfortunately, our current house is not sold. It's only been 6 weeks so we're trying to stay optimistic that it will sell soon.
Anyway, my DD and SIL insisted on loaning us the $20,000 that we were short to be able to pay cash for the new house. (We're 64 years old and did not want to have a mortgage.)
We really hate, though, that we will not be able to pay them back the $20,000 as quickly as we thought we would so we are considering taking out a HELOC on the new house for the $20,000.
But I really don't understand what's involved in getting a HELOC. I've tried doing some research online but it seems pretty complicated with lots of fees. We would, of course, pay off the HELOC as soon as we sell the current house.
Any advice would be much appreciated. 1|1|CYE|Arizona|vbj48@cox.net|11:08:42|07/19/2011|
A 2|2|any other advice?|KellyJef|burke3536@yahoo.com|17:50:31|07/19/2011|
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