Hi All,
It seems like the economy might be heading into a recession at this point. I have an available line of credit on my home that has a variable interest rate. With market downturns, there is always huge opportunity to grow wealth. I'm currently evaluating the risk/benefits of cashing out my HELOC to have my money in cash and just paying interest so that I can jump on opportunities that arise within the next few months to 2 years.
I'm thinking about cashing out because if the market were to do a downturn, the banks can choose to halt HELOCS like they did during the beginning of the COVID pandemic. Even if HELCOS aren't holted, a market downturn would effect the equity in the home therefore causing HELOC to lessen in value if reevaluated by the bank.
Has anyone else considered this option?
It seems like the economy might be heading into a recession at this point. I have an available line of credit on my home that has a variable interest rate. With market downturns, there is always huge opportunity to grow wealth. I'm currently evaluating the risk/benefits of cashing out my HELOC to have my money in cash and just paying interest so that I can jump on opportunities that arise within the next few months to 2 years.
I'm thinking about cashing out because if the market were to do a downturn, the banks can choose to halt HELOCS like they did during the beginning of the COVID pandemic. Even if HELCOS aren't holted, a market downturn would effect the equity in the home therefore causing HELOC to lessen in value if reevaluated by the bank.
Has anyone else considered this option?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
