Comments on: Warning: Your home equity line of credit may evaporate in an emergency

By: How to Survive a Recession | 9 Tips on Surviving a Financial Meltdown

How to Survive a Recession | 9 Tips on Surviving a Financial Meltdown — Sun, 19 Oct 2008 13:57:35 +0000

[...] 3. Don’t rely on a home equity line of credit: This point is critical. You may have available credit on your home equity, but did you know the bank can eliminate that credit? Go find your home equity line agreement, and you will see that if the value of your home falls or your financial situation changes, the bank can reduce the amount of your available credit. [...]

By: Weekly Round - Early Economic Stimulus Rebate Edition

Weekly Round - Early Economic Stimulus Rebate Edition — Sun, 27 Apr 2008 16:43:31 +0000

[...] The Dough Roller says you shouldn’t rely on your home equity line of credit in an emergency. [...]

By: Sunday Morning Link Love - The Hunt Begins Edition | I've Paid For This Twice Already...

Sun, 27 Apr 2008 15:22:17 +0000

[...] Dough Roller: Home Equity Line of Credit May Evaporate in an Emergency. And here is why I refuse to even remember I have [...]

By: Sunday Money Roundup - My So Called Life Edition. | My Two Dollars

Sunday Money Roundup - My So Called Life Edition. | My Two Dollars — Sun, 27 Apr 2008 14:01:44 +0000

[...] Dough Roller talks about how home equity lines that may disappear in an emergency. Can yours be recalled or reduced under certain [...]

By: Roundup and Link Love - Brain Surgery Edition | The Wisdom Journal

Roundup and Link Love - Brain Surgery Edition | The Wisdom Journal — Sat, 26 Apr 2008 23:42:21 +0000

[...] The Dough Roller gives us an example of how your home equity line of credit can blow up on you. [...]

By: Scott

Scott — Fri, 25 Apr 2008 18:57:36 +0000

I had Bank of America do the exact opposite a few weeks ago. They wanted to increase my HELOC. It is not in the interest of bank’s and financial institutions to lower your HELOC or remove access to it. Banks want us to borrow more so they can earn more etc and repeat this cycle. My house value has fallen 300k in value from the high in 2006 and my bank want’s to increase my HELOC. Funny!

By: Mr Credit Card

Mr Credit Card — Fri, 25 Apr 2008 04:09:52 +0000

HELOC is not the only means to get access to emergency funds.

Your unused credit card lines and limits is also a source of emergency funds.

Having a Loan Margin Account with your portfolio in your brokerage is another source of liquidity.

Taking a loan against your insurance policy is another possibility.

By: Eric

Eric — Fri, 25 Apr 2008 01:00:28 +0000

Zoinks! I better track down my credit line docs and see what hidden surprises there are. I just got done worrying about the LIBOR rates….

By: The Roller Checkersblog » Blog Archive » Quick scan of the net - roller checker

Thu, 24 Apr 2008 17:15:24 +0000

[...] http://www.doughroller.net/2008/04/23/home-equity-line-credit-emergency-fund/And if you�re interested in my approach to an emergency fund, check out The Doomsday Fund: How Planning for the Worst Prepares You for the Best. Rising gas prices got you down? Check out Discover’s Open Road (SM) Card, which pays a full … [...]

By: DR

DR — Thu, 24 Apr 2008 01:17:55 +0000

I confess I do rely on my home equity line of credit for short term cash needs. I could always liquidate some investments, but the tax consequences would really sting.