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FIB - Scams 101 - Ye Olde Archives
Posted By: Kim In Response To: I would appreciate some advice (Larry)
Saturday, 14 May 2005, at 2:13 p.m.
Basically a home equity loan is a loan you take out on your home where the loan amount is based on the equity you have in your home. For example, if your home is worth $150,000 (based on appraisal) and your current mortgage is for $100,000 you have $50,000 of equity in your home. You may be able to get a loan from a bank for up to that $50,000 - using your home as collateral of course. Think of it as a type of second mortgage. There are home equity loans and home equity lines of credit.
Many people use these for a variety of uses. There is a concern by members of the financial community that it may be an unwise move. For example, I personally would not use the equity in my house to take my family on a vacation but I did use it to help fund my two adoptions. Used wisely - it can be beneficial. Other positive uses may be consolidating credit cards - however, each situation is different. The concern on the vacation type uses is that you are technically putting your house at risk for a non-essential item - but again every situation is different.
HTH's
Kim
> Regarding Home Equity Loans
> My sister just called me wanting to know what I know about Home Equity
> Loans.
> I drew a 99% blank.
> I vaguely remember, from news stories I have heard on TV (listening while
> reading the ticker at the bottom of the screen :), these loans can be full
> of peril.
> Any ideas on unbiased information sources?
> Google had a little info and "Consumer Reports" had no
> information.
In Business for 138 years.... great place to start
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