Looking for anyone who has experience of obtaining a HELOC.
I have a lot of equity in my property (400k) and would like a facility to draw down some equity to for up to four years. I need around 80k for this period starting in April next year.
I would rather avoid a second mortgage - and it’s been suggested to me that a HELOC might be more flexible but the idea is new and I’d like an idea of the risk before speaking to a broker. On the other side I understand the risks of second mortgages! Any insight greatly appreciated.