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Is taking out a HELOC a good idea?

Asked by nmguy (528points) July 27th, 2014

I’m in the final stages of applying for a HELOC. I’m doing this in order to cover major, unexpected, future expenses like a new roof, big medical bill, major plumbing repair, etc.

Does anyone have strong feelings about the advantages/disadvantages of HELOCS? I’d be interested in reading them.

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