Mr._johngalt
Thinks s/he gets paid by the post
- Joined
- Dec 3, 2002
- Messages
- 4,801
uncledrz said:Read the HELOC documents and in many (I haven't seen all) there is an out for the bank. So in a dire emergency (yours or theirs) the funds might not be available, or at least might not be readily available. So some cash directly under your control is, IMHO, beneficial.
I carry no particular "reserve" or emergency fund. I agree HELOCs are
an excellent choice. I would have one now except for two (2) things.
Our primary residence is in a flood plain and I would be required to carry flood insurance, which I never have had, and both residences are
titled in corporate name which normally does not allow me to qualify for a HELOC. For most folks who want an easy way to tap that equity, it's a no-brainer.
JG