Are you struggling to pay off debt? You’re not alone. If you’re looking for a way to get out of debt and improve your financial situation, you may be considering a HELOC.
Home equity lines of credit use the equity that is already in your home. Keep reading to learn more about how home equity line of credit payment coaching can help you pay off debt.
What Is a HELOC?
The amount of money available to you depends on the value of your home and your creditworthiness. With a HELOC, you can typically borrow up to 85% of the value of your home.
If you look at a home that is worth $200,000, you could potentially get a HELOC worth up to $170,000. Oftentimes, the interest rate reported on a HELOC is typically lower than that of a credit card or personal loan.
How Does a HELOC Work?
With a HELOC, you can borrow money as you need it up to your credit limit. You’ll only be required to make interest payments on the amount of money that you borrow. The extra advantage of using this type of loan is that the interest paid may be a tax write-off if applied towards home improvements.
HELOC Payment Coaching
If you’re considering taking out a HELOC to pay off debt, it’s important to work with an experienced coach who can help you understand the ins and outs of this type of loan and develop a repayment plan that works for your unique situation.
At Replace Your University, the team of certified financial coaches has extensive experience helping people pay off debt using home equity line of credit payment coaching.
They’ll create a custom payment plan for you based on your unique financial situation and help you every step of the way until your debt is paid in full.
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