Understandably, you are probably very attached to your home, particularly if it’s where you raised your children. But your home could also become a source of expense and time-consuming work, especially if you struggle with household chores and monthly payments. You may consider downsizing to a smaller, more comfortable home. It could be easier to maintain and you could use profit from the sale to fund your retirement.
But if you are just too attached to your home to ever consider selling, your home still may be one of your most important financial resources. You may want to tap into some of your home equity by using a Home Equity Line of Credit, or HELOC.
By using a HELOC, you are able to use the equity in your home to manage expenses and pay it back over time. The HELOC works just like any other line of credit. You can use it as overdraft protection or use Equity Checks to access the money when you need it. Pay it back over time; and it’s ready to access again and again.
This could be a valuable resource to you, especially if you have unexpected expenses like home maintenance and medical issues.
If this sounds like something you should consider, talk to a Founders Loan Officer at to see how we can help you. Call 1-800-845-1614 today to apply!
This article was published in the Founders FCU's Springtimers Newsletter (March 2010). Article written by Reagan Lewis.