Question : Should I take a home equity loan to pay off the 17,000 in medical bills I have?
I got these medical bills from a recent surgery and its causing a huge financial strain on me. I make enough to live comfortably, but not enough to live comfortably and pay this incredible amount of money every month. I am just wondering, since interest rates are so low right now, is it the right time to take out a home equity loan?
- asked by Trixie
All Answers:
Answer #1
Why would you transfer an unsecured debt intosomething that could result in the loss of yourhome if you default?A payment is a payment. Makethe payment to the hospital, not to your mortgagelendor.
- answered by Rick B
Answer #2
Very likely. Talk to your banker, and compare therates he quotes against whatever rates thehospital wants in finance charges.
- answered by rhsaunders
Answer #3
I am completely against HomeEquity Loans becauseif you can't pay that bill they have every rightto foreclose on your home. I don't ever want touse up the equity I have invested in my home...That's the only major purchase where I actuallymake money from it. So my vote is don't dothat...especially when it won't increase the valueof your home...such as a remodel, etc.
- answered by Cortney & Nathan
Answer #4
How big are the bills? If you just need a smallamount of money, I suggest that you apply for ahome equity credit line instead of a loan so thatyou will have to pay interest for only the amountthat you actually spend. Source:
http://hubpages.com/hub/Home-Improvement-grants-and-loans
- answered by yoko1san
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measure and fulfill your financial needs
