That's the question. I searched, but couldn't find a discussion on the merits. I retired about 3 years ago , but DH is still working, planning on pulling the plug next spring.
We're doing some substantial remodeling and I was checking rates and it made sense to open a HELOC because of the low rates rather than pulling some money from our investments. Then DH discovered what financial info they wanted. DH thought, house paid off, amount of HELOC would be about 10% of house equity...no brainer what else would they want . He's somewhat naive in these things but I love him anyway.
My thoughts are to open a HELOC anyway...it would be nice to have in the event we need/want funds at a time when it would be detrimental to pull from investments. We're talking about buying a vacation home in a few years...things like that. Value of non-residential investments is mid to mid-high 7 figures.
DH concern is privacy and how much financial info the bank wants. Our needs for the remodeling are about $100K and bank offers 10 year HELOC up to $500K. I'm thinking we should open HELOC for $500K. Thoughts on opening a HELOC?
We're doing some substantial remodeling and I was checking rates and it made sense to open a HELOC because of the low rates rather than pulling some money from our investments. Then DH discovered what financial info they wanted. DH thought, house paid off, amount of HELOC would be about 10% of house equity...no brainer what else would they want . He's somewhat naive in these things but I love him anyway.
My thoughts are to open a HELOC anyway...it would be nice to have in the event we need/want funds at a time when it would be detrimental to pull from investments. We're talking about buying a vacation home in a few years...things like that. Value of non-residential investments is mid to mid-high 7 figures.
DH concern is privacy and how much financial info the bank wants. Our needs for the remodeling are about $100K and bank offers 10 year HELOC up to $500K. I'm thinking we should open HELOC for $500K. Thoughts on opening a HELOC?