Can I get a HELOC to purchase anything for fun?
2010-03-08 at 09:03 pm adminLike boat, RV, ATV, etc.
Thanks!
Answer:Yes as long as your credit is good
Answer:with good credit and positive equity in your house it is usually not a problem. Depending on your last appraisal and how much you are trying to borrow you may have to get a new appraisal. You will likely get a much better interest rate than you would on a boat or atv loan.
The down side, as the others pointed out, is you are risking your home. If you need to sell your home you will also have to satisfy your home equity line with any proceeds. That is a pretty big gamble to me.
Answer:Lots of people have taken out HELOC to pay for such things. Many of them are no longer living in that house. It's a really bad idea to use your home as collateral for toys.
You can use a boat, RV, or ATV as collateral for a loan. If you default, the lender just takes the toy away. But you get to keep your home.
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