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Anyone recently get a HELOC? Recommendations?
Old 07-08-2020, 09:40 AM   #1
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Anyone recently get a HELOC? Recommendations?

I'm about to retire and part of the plan is to get a HELOC as a safety net--no need to use any time soon and maybe never. I've googled "no cost HELOC" and come up with Alliant Credit Union and BOA. Anyone have a HELOC through these, or any other recommendations? I had a prior HELOC through WellsFargo, but cancelled it due to the $75. annual fee. Thanks!
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Old 07-08-2020, 09:47 AM   #2
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I closed on one with NFCU in October in anticipation of FIREing myself this year. The closing costs were a bit more than I expected but tolerable but no other fees or inactivity costs (20 year draw period and 20 year pay off after the 20 years). I intend to use it to disassociate my cashflow from my income realization until late in the year.. especially as I expect to get paid to have fun in my ER and want to mind cap gains and ACA thresholds. It will also serve as an emergency funding source. I only asked for about a 30% LTV but in hindsight wish I had requested more just to have the margin if I really needed it. As it is, my LOC is enough to cover 3 years of generous living expenses and probably 5 if the SHTF and I really needed to hunker down and live off draws for a while.
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Old 07-08-2020, 11:38 AM   #3
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Quote:
Originally Posted by Marita40 View Post
I'm about to retire and part of the plan is to get a HELOC as a safety net--no need to use any time soon and maybe never. I've googled "no cost HELOC" and come up with Alliant Credit Union and BOA. Anyone have a HELOC through these, or any other recommendations? I had a prior HELOC through WellsFargo, but cancelled it due to the $75. annual fee. Thanks!
I closed one with Alliant CU recently, as advertised there were no costs and it does not have annual fees. Process was easy and it took about 4 weeks to go from application to final approval.
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Old 07-08-2020, 12:15 PM   #4
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Thanks for the positive report about Alliant. It seems the way to go...
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Old 07-12-2020, 09:57 AM   #5
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I shopped a few and found a very good terms with quick processing with BECU.

They have a website and were able to close in around 2 weeks if I recall...

My fixed rate is 4.5% and 3.39% variable HELOC...I got approved for a higher amount to get a lower rate---always check that option.
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Old 07-12-2020, 09:59 AM   #6
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I applied for one from Alliant and got approval. However, I've run into my state's "intangible" taxes and they are high: $600. for a $250,000 loan. So I'm not sure if I will proceed or not. Again, the idea was just to have this for an emergency situation, as another tool in the toolchest in retirement. Dilemma...
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