Islandtraveler
Recycles dryer sheets
Hello all. I seek the wisdom and guidance of the collective community. Just prior to my ER back in August of 2015, I was under the impression that I had 21 years left on my HELOC which I secured 9 years ago. I like having the flexibility to draw upon it for unexpected expenses that otherwise might require me to liquidate an equity position. I used it as a bridge loan during my w****g years when paying estimated taxes. I just received a letter from the bank and was told that I only have 1 year left to draw from the account with 20 years to pay it off. I have a balance of $210,000 which I am using to finance a short term investment which will be paid off in April of 2017. I currently pay 2.99% interest which is prime -.50%. When I called the bank, I was told that I could re-apply for a new term which would include a higher interest rate. I want to continue the option, but I am concerned that I will get turned down now that I do not have a formalized income. I do have ample liquid assets that could easily service the debt and have an 800+ FICO score but don’t know how retirement is perceived by lending institutions. Anyone have any insight that they could share? Thanks