Charles Forelle
speaker
205 appearances
2 recordings
1 series
first heard Jan 2022
last heard Oct 2022
Charles Forelle’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · From IRA to HSA: Decoding Personal Finance's Alphabet Soup · 18 Jan 2022
podcast
And what that means is that the bank or the other entity that's giving you the line of credit will establish a limit, and they'll say you can have $50,000 or $100,000, and that debt that you have to them is secured against your house, like any other mortgage, and you can borrow that cash from them at any time.
So they fixed some time periods.
But so if you needed to do some renovation or you had to pay for something, you could draw on your line of credit and then you would start paying interest on the amount that you drew.
But that debt that you take on is secured against your house, which means that you'll get a much better interest rate on it than if you had just gone to the bank and said, hey, I'm Charles, would you lend me some money?
No, it has to be related to your home if you want the interest to be tax deductible, but there's no obligation for you to spend it on anything particular.
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