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Forum
-> Household Management
-> Finances
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amother
Green
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 Fri, May 05 2017, 7:02 am
Have seen a few commercials advertising using a home equity line of credit as a checking account instead of a mortgage. Does anyone understand how this works and can explain in simple terms for me....and does it work?
TIA
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amother
Amethyst
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Fri, May 05 2017, 7:18 am
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what is it you are trying to achieve?
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amother
Amethyst
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Fri, May 05 2017, 7:24 am
But in simple terms. You borrow money against your house and you need to pay it back - and if you don't do that quickly it the interest rate is high. It 'works' if you use it to pay down other debt with a higher rate (like your mortgage), and then pay it back before the interest rate spikes.
It makes sense in limited circumstances.
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