JUST TO BRING THIS STORY TO AN END. I HOPE. We applied for 2 HELOC's and were approved for one and on our way to being approved for the other. Then we ended up canceling them both and refinancing our mortgage instead. Reasons: 1.HELOC's have adjustable rate and the prime rate is going up now. 2. We got a lower and FIXED rate on the refinance. Yes. it means starting over on a 30-yr mortgage but at our ages (66 and 71) saving money 30 years from now is not a concern. We had 27 years to go on our old original mortgage anyway.
We should have it wrapped up by the end of this month.
What I have learned from this: deal with a reputable, established company who will come to your house IN PERSON and sit down and talk it over with you. Don't just deal by phone or over the internet. We live in a rural area and this man we dealt with had to drive 3 hrs to get here.
End of story. But I will be glad to answer any questions if anyone has any since I have learned a lot from this, and previous, experience. Pam