Emergency Repairs for Homeowners
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financial instabilityMoneywise
•Business
Business & Economics
I'm 38, lost my job and my basement just got flooded — which will cost me $20K. Is a HELOC my only option?
71% Informative
A Home Equity Line of Credit (HELOC) is a line of credit that lets you borrow money against the equity you’ve built in your home, usually up to 85% of your home’s appraised value, minus what you still owe on your mortgage.
Interest rates are usually much lower than what you'd get with a credit card or personal loan, especially if you have good credit.
If you already have a HELOC open and you're confident that you can find employment within a few months , using it might make sense.
Lenders usually want proof of reliable income before handing over access to your home’s equity.
Without that, you could get turned down or face higher interest rates as well as stricter repayment terms.
While HELOCs can be great in a pinch, they’re not a replacement for long-term financial stability.
There are other ways to handle financial emergencies without putting your house on the line.
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50
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English
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