Thanks Terry for yout reply. My dh and I have gone back and forth in our decision on whether to get a HELOC several times. We are now in the "Yes" mode. After having trouble trying to reach the first company by phone (we had recevied aproval papers from them but they said we neede flood insurance. And we are not in a flood zone) we decided to forget it. Then yesterday we got a tentative approval from another bank and decided to go ahead. So, of course, today the first co. called with appologies for not returning my calls sooner. And she was very sympathetic about the Flood insurance thing and is going to look into it. Really seemed to believe me when I said we are not in flood zone. (Our mortgage would have required it
if we were). Now my problem is should we take out a HELOC, and if so, what do I do about having 2 applications? As to what it's for - it's a home imiprovment in reverse. We added sunporch to house, in addition to repairs, and consequently now have high balances on credit cards. We can pay them and our bills every month but have no cash left over. We are both Senior Citizens on Social Security and don't want to be in this position of having high monthly payments and then nothing left for anything else. if we were young we could just wait it out but we probably won't live that long. Just would like to be sure having a HELOC would be easier than credit card debt.
I know they are and "unsecured" debt but they still worry us all the time. See what I mean about long notes. Better quit. Hope to hear opinions. Pam