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No. of Recommendations: 1
FoolishJeff: "Thanks for the responses.

Yes, you guys see the obvious and let me explain.

1) . . . .

2) . . . .

3) I'm financially stable, age 46, with a NET worth over 1 million dollars, have life insurance, so I'm not very worried about putting my primary house at risk with a HELOC."

Some of the initial responses might have ben different with the missing information.

With regard to HELOC (v. HEL). Many (if not most or all) HELOCs are variable rate loans, which is not ideal in a rising rate environment) and, IIRC, many are callable and future advances can certainly be cut-off by the Lender. You might want to consider a home equity loan (HEL) with a fixed term and rate instead of a HELOC. At the very least, you should shop and compare the terms.

Regards, JAFO
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