Greetings,
New to the forum and this web site. I did several searches on this subject, but didn't find anything that answered my question.
My wife and I will be 55 next year, and plan to quit our regular jobs, to pursue our hobbies, and other interests. We started working with a CFP in March, and one of their recommendations was to open a HELOC line of credit while my wife and I are both still working. Our house was paid off in March.
The HELOC would only be used for emergencies. We have enough in cash and investments to carry us through until SS and medicaid and beyond. Plus @ age 65, my wife and I have a small pension that will be able to start drawing on, and we have excellent credit, and no debt.
Our CFP is recommending to shop around for the best interest rates, and to get whatever the largest line of credit is being offered
Is there any downside to opening a HELOC line of credit ?
Has anyone else done this ?
Any ramifications if we sell our home or buy a new home to downsize after we open the HELOC ?
Thanks in advance for the advice. I've enjoyed reading some of the posts. Lots of good info here.
New to the forum and this web site. I did several searches on this subject, but didn't find anything that answered my question.
My wife and I will be 55 next year, and plan to quit our regular jobs, to pursue our hobbies, and other interests. We started working with a CFP in March, and one of their recommendations was to open a HELOC line of credit while my wife and I are both still working. Our house was paid off in March.
The HELOC would only be used for emergencies. We have enough in cash and investments to carry us through until SS and medicaid and beyond. Plus @ age 65, my wife and I have a small pension that will be able to start drawing on, and we have excellent credit, and no debt.
Our CFP is recommending to shop around for the best interest rates, and to get whatever the largest line of credit is being offered
Is there any downside to opening a HELOC line of credit ?
Has anyone else done this ?
Any ramifications if we sell our home or buy a new home to downsize after we open the HELOC ?
Thanks in advance for the advice. I've enjoyed reading some of the posts. Lots of good info here.